DEXUS — Investor Presentation 2012

Jun 13, 2012

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DEXUS Property Group
ASX release
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14 June 2012

DEXUS Property Group (ASX: DXS) Sydney industrial property tour

DEXUS Property Group is hosting a Sydney industrial property tour today for institutional investors and brokers and provides the attached tour booklet.

For further information contact:

Media Relations Investor Relations David Yates T: (02) 9017 1424 Emma Parry T: (02) 9017 1133 M: 0418 861 047 M: 0421 000 329 E: david.yates@dexus.com E: emma.parry@dexus.com

About DEXUS

DEXUS is one of Australia’s leading property groups specialising in world-class office, industrial and retail properties with total assets under management of $14bn. In Australia, DEXUS is the market leader in office and industrial and, on behalf of third party clients, a leading manager and developer of shopping centres. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability. www.dexus.com

DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS Property Group (ASX: DXS)

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2012 DEXUS Property Group SYDNEY INDUSTRIAL PROPERTY TOUR 14 jUNE

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ToUr aGEnDa	1
InDUSTrIaL PorTFoLIo ovErvIEw	2
ToUr SPEakEr ProFILES	4
PrESEnTaTIon SLIDE hanDoUTS	6
DEXUS SyDnEy InDUSTrIaL PorTFoLIo	18
SILvERWATER PORTfOLIO	20
1 fOUNDATION PLACE, GREYSTANES	24
QUARRY AT GREYSTANES, RECONCILIATION ROAD, GREYSTANES	26
94-106 LENORE DRIvE, ERSkINE PARk	30
57-75 TEmPLAR ROAD, ERSkINE PARk	31
kINGS PARk INDUSTRIAL ESTATE, mARAYONG	32
DEXUS MELBoUrnE InDUSTrIaL PorTFoLIo	34
DExUS INDUSTRIAL ESTATE, LAvERTON NORTh	36
noTES	40
Cover: Quarry at Greystanes, Reconciliation Road, Greystanes, NSW
This page: Solaris Paper, 8 Basalt Road, Greystanes, NSW

	9.45am for 10.00am start 10.45am 11.45am	meet at level 9, 343 George Street, Sydney DExUS Property Group presentation Depart city Centrewest Industrial Estate, Silverwater DEXUS Industrial Estate, Silverwater Depart for Greystanes 1 Foundation Place, Greystanes Quarry at Greystanes– 5 Bellevue Circuit, Greystanes
		– 6 Bellevue Circuit, Greystanes
		– 2-6 Basalt Road, Greystanes
		– 5 Basalt Road, Greystanes
		– 8 Basalt Road, Greystanes
		Lunch and site tour
	1.35pm	Depart for Erskine Park
		94-106 Lenore Drive, Erskine Park
		57-75 Templar road, Erskine Park
	2.15pm	Depart for marayong
		kings Park Industrial Estate, Marayong
	4.00pm	Arrive back in CBD

InDUSTrIaL PorTFoLIo ovErvIEw

DEXUS ProPErTy GroUP InDUSTrIaL PorTFoLIo – aU

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SECTOR ALLOCATION [1 ] PROPERTY TYPE BY BOOk vALUE
31 mARCh 2012 31 mARCh 2012
Office 67% Business park 33%
Industrial AU 25% Industrial estate 32%
$6.9 billion Industrial US 7% Distribution centre 25%
Industrial EU 1% Land 10%
1 Excluding US central portfolio.
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AUSTRALIAN INDUSTRIAL PORTfOLIO AT A GLANCE

	31 MarCh 2012	30 DECEMBEr 2011
Portfolio value	$1.7bn	$1.7bn
Number of properties	40	40
Total GLA (‘000 m2)	1,117	1,117
Occupancy (area)	96.7%	96.1%
Occupancy (income)	95.7%	95.1%
% over rented	5.5%	6.0%
Rolling 12 month tenant retention	79%	77%
Weighted average lease expiry	4.6 years	4.3 years

Information in this book relates to properties in the DxS listed portfolio.

2 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

LOCATION BY BOOk vALUE 31 mARCh 2012

TENANT DIvERSIfICATION BY INCOmE 31 mARCh 2012

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Wholesale trade 25%
Transport & storage 20%
Sydney, Outer West 28%
Manufacturing 18%
Sydney, Inner West 10%
Property & business 15%
Sydney, North 10% Agriculture 6%
Sydney, South 9% Communication 4%
Melbourne 37% Government 3%
Brisbane 4% Construction 2%
Adelaide 2% Electricity, gas & water 2%
Hospitality 1%
Vacant 4%
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kEY INDUSTRIAL mARkETS

SyDnEy

South An established precinct consisting of warehouse and strata unit developments serviced by the M5 and Eastern Distributor located in close proximity to Port Botany, the airport, intermodal terminals and the Sydney CBD. Inner west An established industrial precinct consisting of smaller warehouse and strata unit developments with the businesses servicing metropolitan Sydney. Accessible via Parramatta Road and the M4. outer west A precinct with a large workforce and land supply serviced by the M7 and M4. South west A key interchange location with strong infrastructure network including M7, M5 and intermodal, dominated by large warehouses.

MELBoUrnE

South East Dominated by warehouse and distribution facilities typically with a higher office component. Serviced by Monash Freeway (M1) and Eastlink (M3).

west A precinct dominated by warehouse and distribution facilities typically with a lower office component located within easy distance of the port and airports and serviced by Westgate Freeway (M1) and the Western Ring Road (M80).

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 3

ToUr SPEakEr ProFILES

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Darren Steinberg

Chief Executive officer and Executive Director

Darren is CEO and an Executive Director of DEXUS Funds Management Limited (appointed 1 March 2012). Darren has more than 20 years’ experience in the property industry. Prior to joining DEXUS in March 2012, Darren was Managing Director Colonial First State Global Asset Management with responsibility for A$18 billion of listed property, unlisted property and asset management and development functions. Prior to that, Darren held a number of senior property roles with Stockland, Westfield, Lend Lease and Jones Lang Wooten. Darren has a Bachelor of Economics from the University of Western Australia. Darren is the current National President of the Property Council of Australia, a Fellow of the Royal Institution of Chartered Surveyors and the Australian Property Institute and a member of the Australian Institute of Company Directors.

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Peter Studley

General Manager, research

Peter is the General Manager, Research for DEXUS and is responsible for coordinating the Group’s view on property markets. Peter has worked in the real estate and financial services industry for 15 years in a research capacity, providing investment support, strategic advice and forecasting services. Prior to joining DEXUS in 2000, Peter held research positions with Westpac Property Finance and with real estate fund manager Paladin Australia. Peter holds a Masters of Applied Finance from Macquarie University, an Associate Diploma in Business (Valuation) from the Open Training and Education Network NSW, a Bachelor of Science (Agriculture) from the University of Sydney and a Diploma in Fine Arts. He is an associate of the Australian Property Institute and is involved in the education program of the Property Council of Australia.

Speculative development, DExUS Industrial Estate, Laverton North, vIC

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andrew whiteside

Group General Manager, Developments

Andrew is Group General Manager, Developments for DEXUS, heading up the new combined development team managing office and industrial developments, as well as overseeing the US business. From 2008 to May 2012, Andrew was Head of Industrial at DEXUS and was responsible for all property and development activities of the Australian industrial business. Prior to joining DEXUS, Andrew spent a year at Stockland as General Manager – Development & Industrial for the Office & Industrial division. Andrew has also held various property and development positions at DEXUS Property Group, Westralia Airports Corporation Pty Ltd, Westfield and Lend Lease in Australia and the US. Andrew graduated from the University of Sydney with a Bachelor of Science (Architecture) and a Bachelor of Architecture. He is also a Graduate of Real Estate Portfolio Management from MIT/PREA Centre for Real Estate Development in Boston.

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Mark Cuddy

regional General Manager, Industrial

Mark is Regional General Manager, Industrial for DEXUS and is responsible for the management of the industrial portfolio in NSW and Queensland. Mark has worked in the property industry for the past 21 years primarily in asset and portfolio management. Prior to joining DEXUS in July 2010, Mark spent eight years at Stockland in roles including industrial asset and portfolio management and General Manager of Intermodal where he was responsible for the industrial divisions’ revenue and growth. Mark also worked in various roles with Knight Frank investment management specialising in Sydney CBD and North Shore commercial assets. Mark graduated from the University of Western Sydney, Hawkesbury with a Bachelor of Commerce (Land Economics).

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DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

PrESEnTaTIon SLIDE hanDoUTS

SYDNEY INDUSTRIAL PROPERTY TOUR
Objectives

• Understand our view on the core industrial markets of Sydney and Melbourne

• Understand our capabilities and the DEXUS industrial business model

• Gain exposure to our industrial and development teams

• Visit our key industrial properties, including

• Stabilised properties at Silverwater and Kings Park

• Development properties in Quarry at Greystanes

• A recently completed development at Erskine Park

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DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 1
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SYDNEY INDUSTRIAL PROPERTY TOUR Australian industrial portfolio

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� Our industrial capability is an important part of DEXUS Australian industrial
Funds under management [1 ]
DEXUS’s platform
— Merged the industrial and office teams in May 2012 Third
party
— $0.7bn
Recognised synergies in capabilities in terms of asset
management, development, analysis and capital transactions
$2.4bn
� Assets held on balance sheet and third party funds
Balance
� Focused on building the portfolio through partnerships sheet
with like-minded capital partners $1.7bn
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• We will continue to build presence in our core markets of Sydney, Melbourne and Brisbane

• Further details regarding the portfolio mix, active components and target weightings will be announced as part of the strategic review in August 2012

• As at 31 March 2012. DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 2

6 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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SYDNEY INDUSTRIAL PROPERTY TOUR
Industrial, office and development reporting lines
Darren Steinberg
CEO
EGM Office &
Industrial
Andrew
Whiteside Mark Cuddy Scott Travers Amanda Kenny Richard Garing
Industrial Regional Melbourne Regional Office Regional Office Regional
Group Head of
General Manager General Manager General Manager General Manager
Developments
EGM — Executive General Manager
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 3
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TITLE SLIDE HEADER AUSTRALIAN
Sub title (Trebuchet 18 pt) INDUSTRIAL MARKETS
Presenter title
DXS 2009 Annual Results — Slide 4 DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 4
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DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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KEY INDUSTRIAL MARKETS

2012 property cycle

• Industrial markets are in the early stages of the growth cycle

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Perth
Location South Brisbane
SE Melbourne
West Melbourne
Inner West Sydney
Outer West Sydney, South Sydney
Stage CONTRACTION RECOVERY GROWTH POST-GROWTH
Activity LAND BANKING
DEVELOPMENT
INVESTMENT
DIVESTMENT
Source: DEXUS Research
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 5
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KEY INDUSTRIAL MARKETS Import volumes

• Long term growth expected as import volumes forecast to rise 30% to 40% every five years

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Imports by state of destination Forecast Past %
10 years 10 years of
$m/qtr (constant prices) NSW VIC QLD % pa % pa National
40,000
NSW 6.1% 9.3% 35%
30,000
VIC 6.9% 6.1% 23%
20,000
QLD 8.5% 10.1% 14%
10,000 73%
0
Dec-91 Dec-96 Dec-01 Dec-06 Dec-11 Dec-16 Dec-21
Source: Access Economics March 2012
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 6
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8 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

SYDNEY INDUSTRIAL DEMAND Container movements

• Cyclical with longer term upward trend

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Container and freight movements through Sydney’s ports
Sydney’s ports Sydney Airport
000’s TEUs/mth 000’s Tonnes
200 70
180
60
160
50
140
40
120
100 30
Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12
Source: Sydney Ports, Trade Stats Bulletin March 2012; SACL, Sydney Airport Master Plan 2009
TEUs: Twenty-foot Equivalent Units represent the cargo capacity of a standard intermodal container
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 7
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SYDNEY INDUSTRIAL DEMAND Destination of import containers from Port Botany

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� Shows the importance of inner west and outer west precincts
NORTH
NORTH WEST
Kings Park
Huntingwood
Erskine Park Greystanes
OUTER WEST Flemington
INNER WEST
SOUTH
SYDNEY
SOUTH WEST
Source: Transport for NSW
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 8
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DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

PrESEnTaTIon SLIDE hanDoUTS

SYDNEY INDUSTRIAL DEMAND
Take up of Sydney industrial space

• The outer west region is the engine room of Sydney industrial

• Accounting for 50% of total take up

• Majority of take up is from logistics and retailer groups

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Industrial take-up across Sydney
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1,000
800
10 year average
600
400
200
0
CY 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q112
OW Syd SW Syd NW Syd IW Syd Sth Syd North
Source: Jones Lang LaSalle, DEXUS Research
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 9
SYDNEY INDUSTRIAL SUPPLY
Selected markets have low supply levels
� Supply levels are below the 10 year average
—
Smaller developers experiencing funding constraints
—
Construction tenders competitive
Sydney industrial supply
1,000
800
10 year average
600
400
200
0
CY 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012F
OW Syd IW Syd North NW Syd SW Syd Sth Syd Under construction
Source: Jones Lang LaSalle
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 10
‘000sqm
‘000sqm
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10 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

SYDNEY INDUSTRIAL VACANCY

Declining trend in available prime space

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10% Sydney region 10% Inner West Sydney
8% 8%
6% 6%
4% 4%
2% 2%
0% 0%
H109 H209 H110 H210 H111 H211 H109 H209 H110 H210 H111 H211
Prime Secondary Prime Secondary
South Sydney Outer Western Sydney
10% 10%
8% 8%
6% 6%
4% 4%
2% 2%
0% 0%
H109 H209 H110 H210 H111 H211 H109 H209 H110 H210 H111 H211
Prime Secondary Prime Secondary
Source: DEXUS Research, Savills Industrial Stock Survey H211
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 11
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MELBOURNE INDUSTRIAL DEMAND Relative importance of the west and south east

• The west and south east markets have accounted for 65% of take-up in metro Melbourne

• Majority of take-up from logistics and retailer groups

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Industrial take-up across Melbourne
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1,600
1,200
800 10 year average
400
0
CY 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q112
West South East City Fringe North
Source: Jones Lang LaSalle, DEXUS Research
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 12
‘000sqm
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DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 11

PrESEnTaTIon SLIDE hanDoUTS

MELBOURNE INDUSTRIAL SUPPLY Selected markets have low supply levels

• Supply levels in Melbourne markets below the 10 year average

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� Users seeking core locations with efficient infrastructure and proximity to employment hubs
Melbourne industrial supply
1,000
800
600
10 year average
400
200
0
CY 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012F
West South East City Fringe North Under Construction
Source: Jones Lang LaSalle
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 13
‘000sqm
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MELBOURNE INDUSTRIAL VACANCY

Declining trend in available prime space

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City Fringe
Melbourne Region 8%
6%
6%
4%
4%
2%
2%
0% 0%
H109 H209 H110 H210 H111 H211 H109 H209 H110 H210 H111 H211
Prime Secondary Prime Secondary
15% South East Melbourne 6% West Melbourne
10% 4%
5% 2%
0% 0%
H109 H209 H110 H210 H111 H211 H109 H209 H110 H210 H111 H211
Prime Secondary Prime Secondary
Source: DEXUS Research, Savills Industrial Stock Survey H211
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 14
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12 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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KEY INDUSTRIAL MARKETS
Rental growth
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� Prime market rents have stabilised since the GFC
Industrial rents — major markets
$140
$120
$100
$80
$60
$40
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
IW Syd OW Syd W Melb SE Melb Sth Bris
Source: Jones Lang LaSalle
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 15
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KEY INDUSTRIAL MARKETS Prime asset yields

• Room for further tightening in industrial prime asset yields

• Yield spreads over bond rates are at record highs

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Industrial prime asset yield Yield spread to bond rate
10% 6%
5%
9%
4%
10 year average
8% 3%
2%
7%
1%
6% 0%
Jun-02 Jun-04 Jun-06 Jun-08 Jun-10 Jun 12F Jun-02 Jun-04 Jun-06 Jun-08 Jun-10 Jun 12F
Outer West Sydney West Melbourne OW Sydney spread over 10 yr bond W Melb spread over 10 yr bond
Source: Jones Lang LaSalle, DEXUS Research
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 16
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DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 13

PrESEnTaTIon SLIDE hanDoUTS

KEY INDUSTRIAL MARKETS Institutional investment demand

• Institutional ownership of industrial assets has more than doubled in the past decade

• Industrial assets sought by institutions, including foreign pension funds

Industrial assets in A-REITs and wholesale funds

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$m
25,000
20,000
15,000
10,000
5,000
0
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11
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Source: UBS, Mercer Investment Consulting, DEXUS Research

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DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 17
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TITLE SLIDE HEADER DEXUS INDUSTRIAL
Sub title (Trebuchet 18 pt) PORTFOLIO
Presenter title
DXS 2009 Annual Results — Slide 18 DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 18
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14 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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INDUSTRIAL PORTFOLIO
Stabilised and active portfolio
DXS industrial portfolio
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�������� ��������� ���� ������������ [�]
1. As at 31 December 2011.
2. Includes developments underway and completed.
DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 19
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INDUSTRIAL PORTFOLIO Development pipeline

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DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 20
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DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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INDUSTRIAL PORTFOLIO
Key areas of focus

• Stabilised portfolio

• Active management of existing portfolio

• Seek opportunities to add value by proactively managing leasing risk

• Continue to monitor non-core properties for potential divestment

• Continue to seek strategic acquisitions in key markets

• Developments

• Develop out existing land banks to meet market needs

• Replenish land banks in key markets to deliver future active earnings

• Secure pipeline to create “stock”

• Active/trading business

• Target developments with more opportunistic focus

• Leverage platform to transact in multiple markets (levers to deliver sustainable profits)

• Use local expertise to secure enhanced returns

• Focused on building the portfolio through partnerships with like-minded capital partners

DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 21

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INDUSTRIAL PORTFOLIO
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Australian business model
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DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 22
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16 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

INDUSTRIAL PORTFOLIO Development capabilities

• Local market knowledge and focus

• Key sites with proven market appeal

• Expertise to identify strategic development, leasing and transaction opportunities

• Diverse design and delivery partners with demonstrated expertise

• Leading sustainable development

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Quarry at Greystanes, 2-6 Basalt Road, Greystanes, NSW
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DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 23
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INDUSTRIAL PORTFOLIO

Asset management capabilities

• Local market knowledge and focus

• Well located properties in key markets

• Expertise, systems and scale to maintain and enhance tenant relationships and deliver consistent performance with a stable income profile

• Key agency and tenant advocacy relationships

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DEXUS Industrial Estate, Egerton Street, Silverwater, NSW
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• Integrated platform drives performance throughout the asset life cycle

• Active recycling and strategic rebalancing

• Sold 8 non-core properties over the past three years valued at $83 million

DEXUS Property Group Sydney Industrial Property Tour June 2012 — Slide 24

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 17

DEXUS SyDnEy InDUSTrIaL PorTFoLIo

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Riverstone
Kings Park
17
Glendenning 23
M7
M7
18
Blacktown
Seven
Hills
21
M4
Huntingwood
Eastern 16
Erskine Creek
12
Park
Reconciliation Rd 5
3
4 24
Greystanes
1 436-484 Victoria Road, Gladesville
2 79-99 St Hilliers Road, Auburn Horsley Smithfield
Park
3 94-106 Lenore Drive, Erskine Park
4 57-75 Templar Road, Erskine Park
5 1 Foundation Place, Greystanes M7
6 1 Garigal Road, Belrose Yennora
7 10-16 South Street, Rydalmere
8 114-120 Old Pittwater Road, Brookvale
9 12 Frederick Street, St Leonards
10 145-151 Arthur Street, Flemington
11 154 O’Riordan Street, Mascot
12 2 Alspec Place, Eastern Creek
13 2 Minna Close, Belrose
14 2-4 Military Road, Matraville Liverpool
M7 Milperra
15 25-55 Rothschild Avenue, Rosebery M5
16 27-29 Liberty Road, Huntingwood Prestons
17 3 Brookhollow Avenue, Baulkham Hills Moorebank
18 30-32 Bessemer Street, Blacktown
19 DEXUS Industrial Estate, Egerton Street, Silverwater
20 5-15 Rosebery Avenue, Rosebery
21 52 Holbeche Road, Arndell Park
22 Centrewest Industrial Estate, Silverwater Road, Silverwater
Ingleburn
23 Kings Park Industrial Estate, Vardys Road, Marayong
24 Quarry at Greystanes, Reconciliation Road, Greystanes
Listed asset
Third party asset Minto 0 1 2 3 4 5
Key industrial markets Kilometres
The Horsley Dr
Merrylands Rd
Great Western Hwy
Liverpool Rd
Richmond Rd
Hume Hwy
Old Windsor Rd
Windsor Rd
Richmond Rd
Woodville Rd
Knox Rd
Greystanes Rd
Sunnyholt Rd
Cumberland Hwy
Prospect Hwy
Reservoir Rd
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Third party asset Key industrial markets Supporting industrial corridors Railway line (passenger and freight)

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F3
13 6
Belrose
Pennant Hills
M2
8
Brookvale
Artarmon
Ryde
7
9
Rosehill
1
22 Silverwater Gladesville
19
2 M4
10
SYDNEY
Regents
Park
M1
Rosebery
15 20
11
Mascot
M5
Kingsgrove
Matraville
Port Botany
Expansion
(under construction) 14
Botany Bay
Parramatta Rd
Warringah Rd
Victoria Rd
Parramatta Rd
Pennant Hills Rd
Gardeners Rd
Pennant Hills Rd
Botany Rd
Botany Rd
Princes Hwy
Foreshore Rd
Princes Hwy
Liverpool Rd
Lane Cove Rd
Pacific Hwy
Mona Vale Rd
King Georges Rd
Victoria Rd
Pacific Hwy
Botany Rd
Anzac Pde
Burns Bay Rd
Anzac Pde
Silverwater Rd
Roberts Rd
James Ruse Dr
Rookwood Rd
Forest Way
Pacific Hwy
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SILvErwaTEr PorTFoLIo

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DEXUS’s Silverwater portfolio comprises 15 properties that make up the Centrewest Industrial Estate on Silverwater Road and the DEXUS Industrial Estate on Egerton Street in Silverwater.

Silverwater is a long established industrial precinct located in the geographical centre of metropolitan Sydney.

The Silverwater precinct comprises 109 hectares located along Silverwater Road offering a diverse range of buildings and warehouses. Silverwater is located within the Auburn Local Government Area which includes Auburn, Regents Park, Lidcombe, Homebush Bay and Newington.

The original businesses located in the area were generally food processing and more heavy industrial manufacturing based. Today the focus is predominantly on light manufacturing, utilities and urban services users requiring strategic centrally located facilities to assist with their Sydney metropolitan distribution services.

The DEXUS properties (Centrewest Industrial Estate and DEXUS Industrial Estate) are ideally positioned close to transport links, located only four kilometres from the Parramatta CBD and 16 kilometres from the Sydney CBD. Both are easily accessible from the M4 and Parramatta and Silverwater Roads provide a direct conduit to the North.

The DEXUS property management team recently undertook a strategic property review with particular focus on secondary properties exposed to leasing risks and market challenges.

A report was commissioned which indentified future key market users that the team could successfully target and secure long term tenants.

As a result, agency appointments were reviewed and new agency appointments made to strengthen the relationships with key agents and focus leasing performance. At the same time, new marketing initiatives were implemented including direct target marketing campaigns to users within identified growth sectors such as the healthcare and infrastructure services.

key achievements at DExUS Industrial Estate

Key achievements as a consequence of this focused strategic approach included:

Operational

• n Leasing 11,891 square metres across five deals, securing three new tenants from our identified growth sectors and retaining two existing tenants

• n Securing heads of agreement over the remaining expiries in the last quarter of FY12

• n Advancing negotiations over a 10 year lease on the remaining vacancy

Asset metrics

• n Increasing occupancy from 59.9% at 30 June 2011 to 86.5% at 31 March 2012

• n Securing income growth with over 85% of the tenancies subject to fixed and or CPI annual reviews averaging 3.6%

• n Maintaining the weighted average lease expiry at 3.1 years from 30 June 2011 to 31 March 2012

20 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

CEnTrEwEST InDUSTrIaL ESTaTE, SILvErwaTEr

The estate is located on Silverwater Road adjacent to DEXUS’s Egerton Street estate and comprises six buildings with 12 units. Six of the units front onto Silverwater Road with warehouse and parking access to the rear, another four units front Vore Street at the rear.

Property details as at 31 Dec 2011

Metro area	Sydney, Inner West
Building type	Industrial estate
Title	Freehold
Ownership (%)	DXS 100
Zoning	General Industrial 4(a)
Year built	1988
Site area (ha)	2.4
Lettable area (‘000 m2)	17.84
Number of buildings	6
Office content (%)	44
Car parking spaces	270
Major tenant	Christian City Church
Acquisition date	May 2010
Acquisition price plus additions (A$m)	25.9
Book value (A$m)	26.1
Independent valuation (A$m)	N/A
Market cap rate (%)	9.00
Initial yield (%)	8.28
Discount rate (%)	9.50
Leased by area (%)	87
Weighted lease term by income (years)	3.2
Available (%)	12
2012 (%)	5
2013 (%)	13
2014 (%)	30
2015 (%)	5
2016 (%)	22
2017 (%)	0
2018 (%)	0
2019 (%)	0
2020 (%)	0
2021+ (%)	12

DEXUS InDUSTrIaL ESTaTE, SILvErwaTEr

The estate is located on Egerton and Farliola Streets which are in close proximity to Silverwater Road. Silverwater is regarded as one of the premier central west industrial regions in Sydney with major arterials such as Victoria Road, the M4 and Parramatta Road in close proximity.

Property details as at 31 Dec 2011

Metro area	Sydney, Inner West
Building type	Industrial estate
Title	Freehold
Ownership (%)	DXS 100
Zoning	General Industrial 4(a)
Year built	1980s
Site area (ha)	8.8
Lettable area (‘000 m2)	29.33
Number of buildings	9
Office content (%)	29
Car parking spaces	290
Major tenant	Payless Shoes Pty Ltd
Acquisition date	May 1997
Acquisition price plus additions (A$m)	41.6
Book value (A$m)	42.0
Independent valuation date	Dec 2009
Independent valuation (A$m)	39.5
Market cap rate (%)	8.65
Initial yield (%)	5.34
Discount rate (%)	9.61
Leased by area (%)	60
Weighted lease term by income (years)	4.5
Available (%)	38
2012 (%)	10
2013 (%)	4
2014 (%)	0
2015 (%)	0
2016 (%)	0
2017 (%)	13
2018 (%)	35
2019 (%)	0
2020 (%)	0
2021+ (%)	0

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 21

SILvErwaTEr PorTFoLIo

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----- Start of picture text -----

Rosehill
Heliport Airport
Millennium
Parklands
0 200 400
Metres
Silverwater
19
22 Newington
M4 Sydney
Olympic
Park
Giffard St
Fariola St
Egerton St
Holker St
Kevin Coombs Ave
Hill Rd
Derby St
Carnarvon St
Beaconsfield St
Adderley St West
Parramatta Rd
Parramatta Rd
Duck River
M4 Motorway
Hampstead Rd
Olympic Bvd
Kihilla Rd
Macquarie Rd
Station Rd
Stubbs St
St Hilliers Rd
Australia Ave
Haslams Creek
Carolyn St
Newington Bvd
Vore St
Silverwater Rd
Silverwater Rd
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NOTES

22 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

DExUS INDUSTRIAL ESTATE, EGERTON STREET TENANCY PROfILE

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----- Start of picture text -----

71.27 118.00 207.90
42.5
Line of Fence
81 83 85
Bingo Lease Payless Shoes Pty Ltd
Pty Ltd plan
Office Awning
29.87 30.00 52.91 A
CAAT Engineering
Pty Ltd 81.76
A
Office
48
Capital S.M.A.R.T.
Pty Ltd 89
Office
48A
2
Vacant
4
Office
6 - 8
46
Enersys Pty Ltd
Transaction Solutions
Pty Ltd
Fidax Foundry
Pty Ltd
Egerton Street
2.90
A 19.77
16.17
A 36.75 39.78
10.83
65.19
A
Office
15.07
Office
49.10
16.09
128.01
15.24
Vore
Street
33.91
27.60
52.77
Carolyn
Street
16.50
73.00
131.94
172.78
92.67
80.6996 (approx)
70.34
20.48
9.76
4.94
5.50
A
42.67
25.78
92.66
Fence
of
Line
15.21
4.50
20.41
3.05
Awning
137.41
33.83
62.18
15.24
79A
92.79
Street
Fariola
19.26
47.35
A
15.71
42.67
3.64
16.98
3.74
Line
of
Fence
3.31
44.00
Office Office
----- End of picture text -----

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 23

1 FoUnDaTIon PLaCE GrEySTanES

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key statistics as at 31 Dec 2011

The property is situated in the Greystanes business hub which is well located to major arterial routes being less than one kilometre south of the M4 and six kilometres east of the M7.

business hub which is well located	to majo	r	Metro area	Greystanes
arterial routes being less than one	kilometre		Zoning Acquisition date	Employment Feb 2003
south of the M4 and six kilometres east of			Acquisition price plus additions (A$m)	39.3
the M7.			Book value (A$m)	43.2
			Independent valuation date	Jun 2010
The property comprises four industrial warehouses covering more than 30,000 square metres. The Greystanes business hub is located six kilometres west of Parramatta and 26			Independent valuation (A$m) Market cap rate (%) Initial yield (%)	41.5 8.25 9.13
kilometres west of the Sydney CBD.			Discount rate (%)	9.50
			Leased by area (%)	100
			Weighted lease term by income (years)	2.7
			Available (%)	0
Property details as at 31 Dec 2011			2012 (%)	0
Building type	Industrial estate		2013 (%)	16
Title	Freehold		2014 (%)	27
Site area (ha)		5.8	2015 (%)	42
Lettable area (‘000 m2)	30.76		2016 (%)	0
Number of buildings		4	2017 (%)	15
Car parking spaces		278	2018 (%)	0
Year built	2004		2019 (%)	0
Major tenant Hitachi Construction Machinery			2020 (%)	0
Ownership (%)	DXS	100	2021+ (%)	0

24 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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M4
Wentworthville
5
Foundation Pl
M4
Greystanes
Old Prospect Rd
Prospect 24
Reservoir
0 500 1000 Merrylands
Hassall St Metres
Merrylands Rd
Merrylands Rd
Great Western Hwy
Great Western Hwy
Reservoir Rd
Reconciliation Rd
Gipps Rd
Toongabbie Rd
Sherwood Rd
Fowler Rd
Pendle Way
Cumberland Hwy
Redfern St
Greystanes Rd
Windmere Rd
Cumberland Rd
Centenary Rd
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NOTES

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 25

QUarry aT GrEySTanES rEConCILIaTIon roaD, GrEySTanES

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Quarry at Greystanes is DEXUS’s premier industrial estate.

For over 100 years this site was part of the Prospect Quarry and is now fully serviced, providing a platform for construction of up to 240,000 square metres of industrial space. The site can accommodate a variety of industrial uses including warehousing, manufacturing, logistics, storage, research and development.

The Quarry is conveniently located with direct access to the M4 and is located strategically to the M7 interchange providing easy access to Sydney’s orbital road network and key business areas such as Parramatta, Port Botany, Sydney Airport and Sydney CBD.

The development plan is designed over three precincts. Each precinct features premium quality office and warehouse design solutions incorporating Green Star principles, operational functionality, signage opportunities and exposure.

Capabilities

This project demonstrates DEXUS’s capabilities in

• n Identifying strategic development, leasing and transaction opportunities in a key market

• n Designing developments to meet market demand and incorporating leading sustainable development and business practices

• n Securing quality multi-national tenants

key achievements

Key achievements since acquiring this site have included:

• n Obtaining a Part 3A Major Project approval from the Department of Planning & Infrastructure for the estate. As a master plan approval, this provides us with “speed to market” delivery avoiding lengthy DA processes

• n Retaining the Quarry walls to form a tribute to the site’s previous use and developing a biodiversity swale at the base of the Quarry walls that runs the entire length of the eastern perimeter of the site capturing ground and storm water from the estate. This is both a practical solution but also a pioneering green initiative in industrial estates with the recycled ground and storm water is used by the nearby Cumberland Country Golf Club for irrigation

• n Undertaking extensive civil works and infrastructure in preparation for development, including the construction of roads and installation of power, communications, water and sewerage

• n Constructing four industrial properties totalling 76,295 square metres costing $110.5 million

• n Attracting multi-national tenants to a site that can accommodate a variety of uses

• n Demonstrating our ability to construct purpose built properties suiting tenant needs

• n Constructing an additional three developments covering more than 36,928 square metres, at an estimated cost of $55.5 million

• n Selling a 47,500 square metre site to a long term international owner occupier that fits into the target tenant mix

26 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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Environmentally Sustainable Design achievements

We are leading the way in industrial sustainability through our commitment to environmentally sustainable development and business practices:

• n Rain water harvesting/recycling

• n Native plant landscaping

• n Natural ventilation initiatives

• n Natural light enhancement

• n Storm water and ground water recycling

• n Solar hot water

• n Sensor lighting controls

• n Use of recycled timber

The remaining development area of 157,808 square metres caters to a broad range of users by offering the flexibility of building size, land area, tailored design and construction.

Quarry at Greystanes as at 31 march 2012

	Land	Under	Land sold	remaining	Total estate
	developed	construction		land
Land area (ha)	15.0	7.5	4.8	15.8	43.0
Building area (‘000 m2)	76.3	36.9	–	81.1	194.3
Site coverage	51%	49%	–	51%	–

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 27

QUarry aT GrEySTanES rEConCILIaTIon roaD, GrEySTanES

QUarry aT GrEySTanES, 8 BaSaLT roaD, GrEySTanES

QUarry aT GrEySTanES, 5 BELLEvUE CIrCUIT, GrEySTanES

QUarry aT GrEySTanES, 6 BELLEvUE CIrCUIT, GrEySTanES

The Solaris property was the first development at the Quarry. We secured a pre-lease commitment with Solaris to build a warehouse/office facility for storing, packaging and re-distribution of their paper products.

The Symbion property was the second development at the Quarry. It is a purpose built 17,300 square metre distribution facility constructed for Symbion Health. The development was completed in December 2010.

The Fujitsu property was the third development at the Quarry. We purpose built a 7,000 square metre data storage facility for Fujitsu which was completed in September 2011.

Property details as at 31 Dec 2011

Property details as at 31 Dec 2011

Property details as at 31 Dec 2011

Metro area	Sydney, Outer West	Sydney, Outer West	Metro area	Sydney, Outer West	Sydney, Outer West	Metro area	Sydney, Outer West	Sydney, Outer West
Building type		Industrial estate	Building type		Industrial estate	Building type		Industrial estate
Title		Freehold	Title		Freehold	Title		Freehold
Ownership (%)		DXS 100	Ownership (%)		DXS 100	Ownership (%)		DXS 100
Zoning		Employment	Zoning		Employment	Zoning		Employment
Year built		2010	Year built		2010	Year built		2011
Site area (ha)		3.0	Site area (ha)		3.8	Site area (ha)		3.9
Lettable area (‘000 m2)		18.65	Lettable area (‘000 m2)		17.30	Lettable area (‘000 m2)		17.00
Number of buildings		1	Number of buildings		1	Number of buildings		1
Office content (%)		3	Office content (%)		14	Office content (%)		6
Car parking spaces		84	Car parking spaces		243	Car parking spaces		115
Major tenant	Solaris Paper Pty Ltd		Major tenant		Symbion Health	Major tenant		Fujitsu
Acquisition date		Dec 2007	Acquisition date		Dec 2007	Acquisition date		Dec 2007
Acquisition price plus		23.0	Acquisition price plus		29.6	Acquisition price plus		39.1
additions (A$m)			additions (A$m)			additions (A$m)
Book value (A$m)		25.3	Book value (A$m)		30.5	Book value (A$m)		39.6
Independent valuation (A$m)		25.3	Independent valuation (A$m)		N/A	Independent valuation (A$m)		N/A
Independent valuation date		Dec 2011	Independent valuation date		N/A	Independent valuation date		N/A
Market cap rate (%)		8.12	Market cap rate (%)		7.75	Market cap rate (%)		8.00
Initial yield (%)		8.01	Initial yield (%)		7.70	Initial yield (%)		8.03
Discount rate (%)		9.50	Discount rate (%)		9.50	Discount rate (%)		9.75
Leased by area (%)		100	Leased by area (%)		100	Leased by area (%)		100
Weighted lease term by		8.7	Weighted lease term by		14.2	Weighted lease term by		14.8
income (years)			income (years)			income (years)
Available (%)		0	Available (%)		0	Available (%)		0
2012 (%)		0	2012 (%)		0	2012 (%)		0
2013 (%)		0	2013 (%)		0	2013 (%)		0
2014 (%)		0	2014 (%)		0	2014 (%)		0
2015 (%)		0	2015 (%)		0	2015 (%)		0
2016 (%)		0	2016 (%)		0	2016 (%)		0
2017 (%)		0	2017 (%)		0	2017 (%)		0
2018 (%)		0	2018 (%)		0	2018 (%)		0
2019 (%)		0	2019 (%)		0	2019 (%)		0
2020 (%)		100	2020 (%)		0	2020 (%)		0
2021+ (%)		0	2021+ (%)		100	2021+ (%)		100

28 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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QUarry aT GrEySTanES, QUarry aT GrEySTanES,
2-6 BaSaLT roaD, GrEySTanES 5 BaSaLT roaD, GrEySTanES
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This 23,340 square metre speculative warehouse was completed in May 2012, for a total cost of $30 million. The property is 46% leased to Glen Cameron Group and we are actively marketing the remaining space.

This $9 million, 5,437 square metre facility is pre-leased to UPS Australia on a seven year term. Construction is due to complete in July 2012.

Property details as at 31 mar 2012

Property details as	at 31 mar 2012
Metro area	Sydney, Outer West
Building type	Industrial estate
Title	Freehold
Site area (ha)	4.2
Lettable area (‘000 m2)	23.34
Car parking spaces	111
Year built	2012
Tenant	Glen Cameron Group

Property details as at 31 mar 2012

Metro area	Sydney, Outer West
Building type	Industrial estate
Title	Freehold
Site area (ha)	1.2
Lettable area (‘000 m2)	5.44
Car parking spaces	33
Year built	2012
Tenant	UPS Australia

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----- Start of picture text -----

M4
Wentworthville
5
Foundation Pl
M4
Greystanes
Old Prospect Rd
Prospect 24
Reservoir
0 500 1000 Merrylands
Hassall St Metres
Merrylands Rd
Merrylands Rd
Great Western Hwy
Great Western Hwy
Reservoir Rd
Reconciliation Rd
Gipps Rd
Toongabbie Rd
Sherwood Rd
Fowler Rd
Pendle Way
Cumberland Hwy
Redfern St
Greystanes Rd
Windmere Rd
Cumberland Rd
Centenary Rd
----- End of picture text -----

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 29

94-106 LEnorE DrIvE ErSkInE Park

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In August 2010, DEXUS acquired a 7.6 hectare industrial zoned site located on Lenore Drive, Erskine Park.

The site, in one of Western Sydney’s most recognised industrial precincts, is 45 kilometres west of the Sydney CBD and just 15 kilometres west of the Parramatta CBD. It has excellent access to major transport routes, being only 2.7 kilometres south of the M4 on-ramp and, upon completion of the Erskine Park Link Road, will provide direct access from Lenore Drive through to the M7 and Old Wallgrove Road.

Capabilities

This project demonstrates DEXUS’s capabilities in

• n Identifying strategic development, leasing and transaction opportunities in a key market

• n Designing a development to meet market demand and incorporating leading sustainability features and resource consumption efficiencies

• n Securing an outstanding leasing outcome ahead of time and in line with budget

Investment objectives

The investment objectives from acquisition, were to:

• n Subdivide the site into three individual lots

• n Sell the two smaller land parcels of 1.8 hectares and 1.6 hectares by July 2011

• n Design, construct and lease a 21,000 square metre industrial facility on the remaining 4.2 hectares on a speculative basis

• n Sell the developed facility and generate revenue for DEXUS in the form of trading profits

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key achievements

The key timeframes and achievements since acquiring the site included:

• n August 2010 – site acquired

• n December 2010 – received planning approval

• n February 2011 – commenced construction of a 21,000 square metre industrial facility onsite combined with a sales marketing campaign for the two smaller land parcels

• Developed the facility using leading sustainability practices including an underground rainwater tank for water recycling and irrigation use, using 10% translucent sheeting on the roof and rooftop solar panels to power the hot water system

• n July 2011 – sold the two smaller land parcels to Digital Realty, an owner occupier, realising a trading profit of $1.4 million

• n September 2011 – reached practical completion of the development ahead of schedule and under budget

• n March 2012 – secured a seven year lease with global logistics and distribution company DB Schenker, in one of the largest industrial leasing deals in the Australian market for the 2012 financial year

Property details as at 31 mar 2012

Metro area	Erskine Park
Zoning	Industrial
Building type	Industrial/Warehouse
Title	Freehold
Site area (ha)	4.1
Lettable area (‘000 m2) Car parking spaces	21.0 164
Year built	2011
Tenant	DB Schenker
Forecast IRR	20%+

30 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

57-75 TEMPLar roaD ErSkInE Park

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----- Start of picture text -----

artist’s impression
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DEXUS has exchanged contracts to acquire land at 57-75 Templar Road, Erskine Park, with settlement expected prior to 30 June 2012.

Approval has already been obtained to construct a new speculative development project. The site is situated approximately 300 metres south of the controlled intersection of Lenore Drive and Templar Road, and is approximately 2.7 kilometres south of the junction of Erskine Park Road and the M4 junction.

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----- Start of picture text -----

Minchinbury
M4
St Clair
Erskine
Park
3
0 500 1000
4 Metres
Lockwood Rd
Link road (under construction)
Lenore Dr
Erskine Park Rd
Templar Rd
Bennett Rd
----- End of picture text -----

NOTES

The masterplan allows for the subdivision of smaller units across two buildings offering the flexibility to accommodate a variety of industrial uses and incorporates sustainable design and innovation. The target audience is smaller industrial businesses located in central west Sydney looking for cost effective functional facilities close to major transport distribution routes. On completion, the development will be one of the only available sites in the Erskine Park area offering smaller tenancy sizes through to large individual buildings more commonly seen in Erskine Park.

Property details

Property details
Building type	Industrial/Warehouse
Title	Freehold
Net site area (ha)	5.6
Target lettable area (‘000 m2)	(over two buildings) 30
Car parking spaces	240
Construction timeline	Jul 12 – Feb 13
Target IRR	15%+

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 31

kInGS Park InDUSTrIaL ESTaTE MarayonG

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Kings Park Industrial Estate comprises nine office/warehouse buildings and a café covering over 68,000 square metres.

The buildings range from 2,500-27,300 square metres. The property is located in Marayong (Kings Park) near the Marayong railway station and is in close proximity to Sunnyholt Road, the M7 and M2. The catchment is also linked to the Great Western Highway and the M4.

Upon acquisition of this property in 1990, the development strategy was to develop 1 Coronation Avenue and expand existing buildings where applicable to maximise the gross lettable area and total returns.

The staged value-add development included:

• n 1/1 Coronation Avenue development as a pre-commitment design and construct project for CSL Limited in 2004.

• n 2/1 Coronation Avenue was a speculative development, completed in early 2006 and leased from May 2008.

• n Building extensions have been undertaken to 2 Coronation Avenue (Geoff Penney Australia), 7 Coronation Avenue (Visy PET) and 6 Harvey Road (Regency Media – previously Harper Collins).

key achievements

In the financial year to date, the property management team has achieved the following leasing results:

• n Secured all FY12 expiries

• n Renewed four leases with existing tenants including Visy PET (27,300 square metres) for a further five years

• n Increased the WALE (by income) from 2.4 years at 30 June 2011 to 3.7 years at 31 March 2012

• n Secured a steady income growth profile for the estate with all tenancies subject to fixed and or CPI annual reviews, averaging 3.4%

Property details as at 31 Dec 2011

Property details as at 31 Dec	2011
Building type	Industrial estate
Title	Freehold
Site area (ha)	13.7
Lettable area (‘000 m2)	68.86
Number of buildings	10
Office content (%)	13
Car parking spaces	484
Year built	1991
Major tenant	Visy PET Pty Ltd

More recently the property strategy has been a core focus with an emphasis on lease renewals to maintain 100% occupancy and increase the weighted average lease expiry.

32 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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Quakers Hill
M7
Bella Vista
Glenwood
Kings Park M7
23
Woodcroft
Ashlar
Golf
Course
0 500 1000
Metres
Vardys Rd
Quakers Rd Norwest Bvd
Richmond Rd
Vardys Rd
Sunnyholt Rd
Old Windsor Rd
Sunnyholt Rd
Davis Rd
----- End of picture text -----

key statistics as at 31 Dec 2011

NOTES

key statistics as at 31 Dec 2011
Metro area	Marayong
Zoning	4(a) General Industrial
Acquisition date	May 1990
Acquisition price plus additions (A$m)	81.2
Book value (A$m)	88.7
Independent valuation date	Dec 2009
Independent valuation (A$m)	88.0
Market cap rate (%)	8.50
Initial yield (%)	9.35
Discount rate (%)	9.50
Leased by area (%)	100
Weighted lease term by income (years)	1.9
Available (%)	0
2012 (%)	44
2013 (%)	9
2014 (%)	0
2015 (%)	42
2016 (%)	0
2017 (%)	5
2018 (%)	0
2019 (%)	0
2020 (%)	0
2021+ (%)	0

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 33

DEXUS MELBoUrnE InDUSTrIaL PorTFoLIo

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1 Target Distribution Centre,
Tarras Road, Altona North
2 114 Fairbank Road, Clayton
3 Pound Road West, Dandenong
4 Knoxfield Industrial Estate,
Henderson Road, Knoxfield
5 250 Forest Road South, Lara
Derrimut
6 DEXUS Industrial Estate,
Boundary Road, Laverton North
(including 440 Doherty’s Road)
6 & 7
7 12-18 Distribution Drive, Laverton North
8 Axxess Corporate Park, Cnr Ferntree Gully Laverton
& Gilby Roads, Mount Waverley North
Listed asset
Third party asset
M1
Key industrial markets
Werribee
Supporting industrial corridors
M1
Lara
5
Geelong
34 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR
Port Arlington Rd
Melton Hwy
Patullos Rd
Western Fwy
Princes Fwy
Western Fwy
Princes Fwy
Ballan Rd
Calder Fwy
Old Melbourne Rd
Derrimut Rd
Forest Rd
Bacchus Marsh Rd
----- End of picture text -----

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----- Start of picture text -----

Somerton
M31
Lalor
Tullamarine
MELBOURNE
M1
1
Altona M3
M1
North
Mt Waverley
Knoxfield
8
4
Clayton
2
Port Phillip M1
M3
Dandenong
3
Lynbrook
0 1 2 3 4 5
Kilometres
Frankston
DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 35
Eastern Fwy
Northern Ring Rd
West Gate Fwy
Western Hwy
North Rd Ferntree Gully Rd
South Rd
Lower Dandenong Rd
Princes Hwy
Monash Fwy
Western Ring Rd
Princes Hwy
Nepean Hwy
Hume Fwy
Frankston-Dandenong Rd
Western Port Hwy
Springvale Rd
Eastlink
Hume Hwy
Boundary Rd
Citylink Twy
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DEXUS InDUSTrIaL ESTaTE LavErTon norTh

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DExUS INDUSTRIAL ESTATE, LAvERTON NORTh mASTERPLAN
Laverton Status
2012
N
100m
STAGE 2A
1.0ha
STAGE 2B
PROPOSED PROPOSED
DEXUS SPEC DEXUS SPEC
W/H 3 W/H 4 3.5ha
1.9ha
TOLL
BIO-RETENTION
SYSTEM
ToLL TranSPorTTOLL TRANSPORT D EXUS SPEC 2DEXUS SPEC 2
FaSTLInEDEXUS SPEC 1
DISTRIBUTION DRIVE
LAVERTON CREEK
SIGNAL-CONTROLLED INTERSECTION
PALMERS ROAD
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DExUS INDUSTRIAL ESTATE, LAvERTON NORTh mASTERPLAN Laverton Status 2012

36 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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BOUNDARY ROAD
vISyVISY INDUSTRIESInDUSTrIES
PROPOSED
DEVELOPEMENT
2.4ha DEVELOPEMENTPROPOSED 2.7ha VISY INDUSTRIES
STAGE 1 LOSCAM
CoLCOLES LIMITEDS L MITED
COLES LIMITED
FASTLINE
FoSFOSTER’S GROUPEr’S GroUP
WRIGHTSON
SEEDS
BEST BAR
FOSTERS GROUP
3.2ha
wrIWRIGHTSON SEEDShTSon SEEDS
STAGE 3
21.5ha 9.6ha
BESBEST BAR Bar
BIO-RETENTION
SYSTEM
LoSCaMLOSCAM
15.6ha
5.1ha
DOHERTYS ROAD
FOUNDATION ROAD
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DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 37

DEXUS InDUSTrIaL ESTaTE LavErTon norTh

key achievements

Stage 1

Loscam facility

In March 2010 we entered into a 10 year pre-lease with pallet manufacturer Loscam for a 6,534 square metre building on a 3.1 hectare site. Construction commenced in February 2011 and the lease commenced in August 2011. This property was sold in September 2011 for $11.7 million, realising a trading profit of $1.3 million. While the facility has a low site coverage to accommodate Loscam’s requirement for hardstand, the site was future-proofed by designing the facility in such a way that the building could be replicated on the hardstand at a future time.

fastline facility

In March 2011 construction commenced on Laverton’s first speculative development, a 17,347 square metre building on a 3.7 hectare site. Practical completion was reached in September 2011 with a number of enquiries already under consideration. The building was subsequently leased to Fastline Logistics with the lease commencing on 1 December 2011 on a five year term.

Land sales

Two lots fronting Boundary Road totalling 3.3 hectares are currently under contract and are expected to settle in August 2012. Settlement is subject the completion of the service road adjoining Boundary Road and the registration of the subdivision.

Stage 2 A & B

Toll in 2 Store facility

In September 2011 we entered into a seven year pre-lease with Toll in 2 Store for a 13,720 square metre building on a 2.5 hectare site. Practical completion of the $12.2 million development is expected by the end of June 2012 with a forecast yield on cost of 8.15%.

Speculative facility 2

A 15,564 square metre speculative building has been constructed adjacent to the Toll in 2 Store facility, utilising the same builder across both buildings to achieve economies of scale. This building is expected to reach practical completion by end of June 2012 at a cost of $13.5 million. Heads of agreement have been reached with a new tenant on this building.

Development 3

Development approval was obtained for a 26,000 square metre facility on 5.7 hectares in the north-west corner of Stage 2A. Construction is expected to commence in the second half of 2012 at an estimated cost of $22.5 million.

Stage 2A road and infrastructure

Practical completion was reached on the Stage 2A road and infrastructure that provides access from Palmers Road, on the western side of the precinct, to Toll in 2 Store, Speculative facility 2 and Development 3.

Stage 3

Subdivision, road and infrastructure

Development approval was obtained for the Stage 3 subdivision, road and infrastructure, which will open up 51 hectares of developable land and join the estate from Boundary Road in the north to Doherty’s Road in the south.

DExUS Industrial Estate, Laverton North as at 31 march 2012

	Land	Under	Developed &	Land sold	remaining	Total estate
	developed	construction	sold		land
Land area (ha)	39.6	5.8	3.1	3.3	71.5	123.5
Building area (‘000 m2)	146.0	29.3	6.5	–	174.0	355.7
Site coverage	37%	50%	21%	–	24%	––

38 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

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Sunshine
Golf Club
M8
Laverton
North
6
M1
Altona
0 500 Metres1000 1500 2000 M1 North
West Gate Fwy
Western Fwy
Boundary Rd
Dohertys Rd
Somerville Rd
Princes Hwy
Princes Fwy
Little Boundary Rd
Fairbairn Rd
Mount Derrimut Rd
Foundation Rd
Fitzgerald Rd
Western Ring Rd
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NOTES

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR 39

NOTES

40 DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

NOTES

ABOUT DExUS

DEXUS is one of Australia’s leading property groups specialising in world-class office, industrial and retail properties with total assets under management of $14 billion. In Australia, DEXUS is the market leader in office and industrial and, on behalf of third party clients, a leading manager and developer of shopping centres. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability.

www.dexus.com

41

DEXUS ProPErTy GroUP SYDNEY INDUSTRIAL PROPERTY TOUR

This tour book is issued by DExUS funds management Limited (Dxfm) in its capacity as responsible entity for DExUS Property Group (ASx: DxS). It is not an offer of securities for subscription or sale and is not financial product advice. Information in this presentation including, without limitation, any forward looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, Dxfm, DExUS Property Group and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward looking statements for a range of reasons outside the control of the relevant parties.

The information contained in this tour book should not be considered to be comprehensive or to comprise all the information which a DExUS Property Group security holder or potential investor may require in order to determine whether to deal in DExUS Property Group stapled securities. This tour book does not take into account the financial situation, investment objectives and particular needs of any particular person. The repayment and performance of an investment in DExUS Property Group is not guaranteed by Dxfm, any of its related bodies corporate or any other person or organisation. This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

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www.dexus.com