The Cost of Collimate

Research evidence excerpt

The Cost of Collimate

Australia | Property & Real Estate

Dexus EquityJuneResearch11, 2026

COMPANY UPDATEThe Cost of Collimate

We estimate DXS is all-in for $642m on the acquisition of Collimate, initial RATING HOLD

consideration for co-invest stakes, and subsequent equity injections into PRICE AUD5.81^

Infra funds. What's unclear, and seems unlikely, is if a multiple can be PRICE TARGET | % TO PT AUD6.07 | +4%

achieved on an exit of Infra. DXS saw ~$9bn in AUM leave Collimate prior to 52W HIGH-LOW AUD7.73 - AUD5.30

settling, and this remains the key risk to the platform post APAC. Ultimately, FLOAT (%) | ADV MM (USD) 98.3% | 18.89

the tangible value remaining within Infra is $270m of stakes in CommIF, MARKET CAP AUD6.2B | $4.4B

DDIT & DCIF TICKER DXS AU

^Prior trading day's closing price unless otherwise

noted.

What did DXS set out out to buy? In April-22, DXS announced the acquisition of the $28bn

Collimate RE & Infra funds management platform. DXS agreed to pay $250m cash & additional

earn outs of up to $300m depending on AUM transitioned. DXS also agreed to offer to acquire FY (Jun) CHANGE TO JEFe JEF vs CONS

Collimate's co-invest stakes in AWOF, ACRT and WAPF for $180m, as well as a commitment 2026 2027 2026 2027

to acquire an additional ~$270m in AWOF. The RE platform comprised $18.2bn in AUM across REV NA NA NA NA

over 70 assets in Australia & New Zealand, while the Infra platform comprised $9.7bn in AUM. EPS NA NA NA NA

What did DXS actually end up buying? What DXS ultimately ended up buying was a vastly

smaller platform than what was originally intended. The $27.4bn headline third-party AUM

number fell to $18.4bn ($8.0bn RE / $10.2bn Infra) once ~$9bn of AUM transitioned out

DXS' announcement of a strategic review

of Collimate prior to Dexus settling (incl.