The leading real estate firm Dexus has announced the a new Joint Venture with GIC that has exchanged contracts to acquire a 50% interest in Rialto Towers, 525 Collins Street, Melbourne, Australia.
As per agreement GIC will hold a 90% share in the JV and Dexus will hold 10% share. Dexus is the investment manager of newly JV and has been appointed as the manager of the entire Rialto Towers complex. Rialto Towers is an iconic prime-grade, a 55 storey building, and is one of the largest office buildings located in Melbourne’s Central Business District.
In February 2020, Dexus had announced partnership with a leading AI technology firm, SparkBeyond, to leverage an artificial intelligence (AI)-powered platform to discover actionable insights that will drive further value for its customers.
In September 2019, Dexus announced that it will develop a purpose-built facility for Scalzo across 35,300 square metres at 11-167 Palm Springs Road, Ravenhall, Victoria. The new facility will include manufacturing, warehousing and a corporate head office for Scalzo Foods and is expected to be completed by late 2020.