“There’s plenty more development to come. There’s a lot of cities to go; Hobart, another site in Sydney, Perth, and we’ve looked at overseas,” DFO chief executive Geoff Porz told the AFR “This is quite a big business now; it’s a private business with four of us who are partners.”
“We trade in good times because people are still brand-conscious. In tougher times, in 2009 and 2009, we experienced the greatest sale growth we’ve ever had.”
Jones Lang Lasalle’s Simon Rooney is marketing the portfolio to select domestic institutions and international groups.
The DFO directors have ruled out a float, according to the AFR, “but hopes an institutional backer will support its longer term ambitions.”
The portfolio is expected to arouse interest from DFO rivals including Colonial First State Global Asset Management, Lend Lease, GIC Real Estate and ISPT.
Mr Porz said the final shape of an institutional backers involvement is yet to be determined.
Major DFOs are in Cairns, Brisbane Airport and Jindalee in Queensland, Homebush in Sydney, and as well as Moorabbin, South Wharf and Essendon Fields in Victoria. Canberra also has a DFO, while one is under construction in Hobart, according to the AFR.
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