Why was trading in Dexus (ASX:DXS) shares halted?

Trading in Dexus shares was halted on 29 May 2026 so the company could review a major adverse legal ruling. The Supreme Court of New South Wales dismissed Dexus's request to stop a forced sale of its 27.3 per cent stake in Melbourne Airport

Why is Dexus (ASX:DXS) being forced to sell its Melbourne Airport stake?

The Supreme Court of NSW ruled that Dexus committed a "material irremediable breach" of a 30-year-old shareholders’ deed. Other shareholders in Australia Pacific Airports Corporation (APAC), led by IFM Investors, triggered a compulsory buyout clause after Dexus shared confidential information with outside entities.

How much is the Dexus (ASX:DXS) Melbourne Airport stake worth?

The 27.3 per cent stake in Australia Pacific Airports Corporation (APAC) is estimated to be worth between $4 billion and $4.5 billion. Dexus originally acquired this prized infrastructure asset in 2023 from Collimate Capital, the former infrastructure and real estate equity arm of AMP.

What exactly did Dexus (ASX:DXS) do to breach the shareholder agreement?

Dexus attempted to subtly transfer just over one-third of its 27.3 per cent stake to new investors using "affiliate transfers" to avoid offering the shares to existing investors. During this process, Dexus shared confidential data with foreign sovereign wealth funds, including Singapore’s GIC and Abu Dhabi’s Mubadala.

Who are the other major investors involved in the Dexus (ASX:DXS) airport dispute?

The dispute involves Australia Pacific Airports Corporation (APAC), which owns Melbourne and Launceston airports. The non-Dexus bloc of shareholders driving the forced sale is led by major superannuation funds and institutional heavyweights, including IFM Investors and the Australian government's Future Fund.

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Dexus fails to stop $4.5B Melbourne Airport sale

Written by Liezl GambePublished May. 29 2026Last Updated May. 29 2026

Dexus (ASX:DXS) has failed to stop the forced sale of its prized $4.5 billion stake in Melbourne Airport.

The Supreme Court of New South Wales dismissed Dexus’s request to halt the transaction, which was triggered by major superannuation funds following a bitter, high-stakes legal battle.

Supreme Court Chief Judge in Equity David Hammerschlag removed the injunctions preventing the sale, ruling that Dexus had committed a "material irremediable breach" of a three-decade-old shareholders’ deed.

Australia Pacific Airports Corporation shareholders, led by IFM Investors, alleged Dexus breached the agreement by sharing confidential information with foreign sovereign wealth funds, including Singapore’s GIC and Abu Dhabi’s Mubadala, which hold conflicting aviation interests.

Dexus, which acquired the 27.3% holding from AMP’s Collimate Capital in 2023, had attempted to subtly transfer a portion of the stake to new investors under affiliate transfers to bypass existing shareholders.

However, relations boiled over last year when the APAC board—which includes the Future Fund—moved to compulsorily buy out the property giant.

Justice Hammerschlag fiercely rejected Dexus’s attempts to blame APAC chair Christine O’Reilly for the fallout, praising her "fierce independence" and stating Dexus was "no longer worthy of trust" after failing to act honestly.

Trading in Dexus shares was halted on May 29 following the decision.