Real Estate Giant Opens Newport Beach Office

Australian real estate investor Dexus Property Group has set up shop in Newport Beach as part of its plan to acquire more industrial properties in North America, particularly in the West Coast, with a budget reportedly in the hundreds of millions.

One of the world's biggest property owners, Dexus owns close to $11 billion worth of industrial properties including warehouses, shopping centers, and offices throughout America, Europe and Australia. Over 100 of these properties are located in Canada and the U.S.

Dexus CEO Victor Hoog Antink said the company plans to concentrate its American holdings on the Seattle, Los Angeles, and the Bay Area, with the strongest concentration in Southern California. The company has a $100 million budget to start acquiring property right away, but will also start selling its East Coast properties to fund further acquisitions.

The company had been hard hit by the recession, with its properties falling by as much as 40% in the U.S., but is slowly starting to restabilize. Antink added that they have ample resources to beat out competition in the next year or so, which will prove handy as potential visitors flood in to take advantage of the recovering market.

Antink is optimistic that the U.S. will have its long-anticipated economic turnaround sooner than expected. In Newport Beach alone, inland commercial properties are coming back in demand as the city remains one of the most economically stable in Orange County.

Jane Lloyd, previously head of retail operations for Dexus, will be heading the Newport Beach office as managing director for investments in the U.S.

 

Earlier in Newport Beach Real Estate News:
Corona del Mar Homes Hardest To Sell In O.C.
Corona Del Mar Home Sells At $12 Million Cut
Newport Beach Makes California Top 10 Gains List