New South Wales court lifts injunctions in Dexus dispute

The Supreme Court of New South Wales has dissolved interim injunctions protecting Dexus (ASX:DXS), paving the way for a multi-billion-dollar forced exit from Melbourne and Launceston airports.

The decision, handed down on June 12, solidifies a ruling from late May that found Dexus committed a material, irremediable breach of a long-standing shareholder agreement by leaking confidential financial data during a failed sale process.

Backed by powerful co-investors including IFM Investors and the Future Fund, the ruling forces the "Dexus Bloc" to proceed with the compulsory divestment of its 27.3% stake in Australia Pacific Airports Corporation—an asset valued between $4 billion and $4.5 billion.

While the court previously granted a brief extension on June 5 to give Dexus time to consider its options, those temporary legal protections have expired.

The group's boardroom governance, voting entitlements, and information access rights remain strictly suspended as the multi-billion-dollar stake sale gathers momentum.

The corporate fallout is already mounting for Dexus, with senior infrastructure executives stripped of their APAC board seats.

Although the forced asset liquidation process is active, the property group retains a narrow legal window until June 26 to approach the NSW Court of Appeal for fresh injunctions or to lodge a formal challenge against the initial adverse judgement.