NSW Supreme Court orders Dexus unit to pay about $30 million to APAC and other plaintiffs

Dexus Capital Investors Limited must pay about $30 million to Australia Pacific Airports Corporation Limited and other plaintiffs under an indemnity, the NSW Supreme Court ordered on 26 October 2026. Dexus disclosed the order in an ASX release published by TradingView. The payment follows proceedings in which the court found the Default Notice is valid.

What the NSW Supreme Court Ordered

The court ordered Dexus Capital Investors Limited to pay amounts totalling circa $30 million under the indemnity in the APAC Shareholders' Deed to APAC, IFM Investors (Nominees) Limited, The Northern Trust Company and the Future Fund Board of Guardians, and Utilities of Australia Pty Ltd. The other Dexus Bloc shareholders who were plaintiffs were ordered to pay APAC, IFM, Future Fund and UTA's costs on the ordinary basis, except for costs already covered, so there is no double recovery.

Dexus Capital Investors Limited was also provisionally ordered to pay, on the indemnity basis, the costs of the hearing of the costs and indemnity claims to the extent not covered above. That covers the Future Fund's and UTA's costs and 80% of APAC's and IFM's costs. The orders take effect after seven days unless a party objects in writing.

Before judgment, Dexus and SAS Trustee Corporation, with J.P. Morgan Nominees Australia Ltd as nominee for JPMorgan Chase Bank, N.A. (Sydney Branch) as custodian for SAS Trustee Corporation, resolved TCorp's indemnity claim, which was for the claimed amount of $7.4 million. The final terms of the resolution are being finalised, and if it is not finalised, TCorp may seek to have its claim determined by the Court.

Dexus's Portfolio and Funding Record

Dexus is an Australasian real asset investment manager with a A$51.5 billion portfolio across office, industrial, retail, healthcare and infrastructure, according to akta.pro company records. The same records list two funding rounds, including a 2025-12 post IPO debt of $330.3 million and a 2021-12 private equity round of $1.5 billion led by Blackstone. Dexus manages Dexus Industria REIT and Dexus Convenience Retail REIT as separate ASX-listed entities.

Earlier Dexus Developments

On 22 October 2026, Simply Wall St reported that Dexus engaged Denison Partners to review liquidity options for its healthcare fund after investor redemptions, including asset sales or a potential wind down. On 24 September 2026, FinanzNachrichten.de reported that Dexus Finance Pty Limited filed Appendix 3G and 3H with the ASX covering a notice of issue, conversion or payment of unquoted equity securities and a cessation of securities. On 20 September 2026, AInvest reported that Keir Barnes will step down as chief financial officer effective September 30, 2026, after serving since 2019.

Appeals Hearing Dates

The Appeals hearing remains scheduled for 30 November to 2 December 2026, with an additional day available if required. Any appeal against the orders on the claims for costs and indemnity may also be heard together with the Appeals.