So the big thing about it is that that was a very good cultural fit. The leasing take up has been huge right across the country. So that's really important when you look at growth. Alec: [00:04:39] Now, Darren, we were particularly excited to speak to you today because Covid has impacted every industry, but the last 18 months have been particularly volatile for the property industry. And we're going to be unpacking all of it today. It's going to make property and real assets a a push for real assets become even more attractive. Darren Steinberg: [00:01:10] Thank you. Is he a hands-on father? Help using this website - Accessibility statement. Help using this website - Accessibility statement. Alec: [00:00:30] I'm very good, Bryce. All of a sudden you get a call from someone saying there could be bombs all over the city and of course weve got buildings all over the city. Don't be tempted to to lever up into secondary real estate and in fact, and keep your real estate appropriately level and for good quality real estate. It is the investment community and the customers. Penny was also Chair of the NSW Freight and Logistics Advisory Council, the inaugural Chair of Advocacy Services Australia, Deputy Chair and Life Member of the Tourism & Transport Forum and a director of Infrastructure Partnerships Australia, SCEGGS Darlinghurst Limited and the Global Foundation. Darren Steinberg - Biography - MarketScreener.com Appointed to the Board on 1 March 2012, Darren Steinberg is the CEO of Dexus and an Executive Director of Dexus Funds Management Limited. Steinberg says the company has evolved over the last decade. And they are doing that. 2015 - 20194 years Active member of the Property Male Champions of Change (PMCC) which was established in 2015 by the Property Council of Australia (PCA), participating in the Flexibility. She is a member of the Committee of the Melbourne Cricket Club. Here and globally, it should be relatively good times for groups like addicts who says we can be opening. Dexus is about returns to investors, whether you're in the listed stock or they're in any number of unlisted funds or the smaller rates, it's about the returns because if we don't deliver the returns, then we're not going to attract the capital to that. So this is an industrial only vehicle. Dexus redevelopment of 25 Martin Place in Sydney took a hit last year after the collapse of building group Probuild. And competition from rivals keen to spoil its landmark acquisition of the $28bn Collimate Capital local real estate and infrastructure platform. Some 28 front office staff from AMPs infrastructure funds have moved across to Dexus, with about 450 former AMP employees in total joining the property group. Darren has over thirty years' experience in the property and funds management industry with an extensive background in property investment and development. You see a lot of syndicate saying, well, he's a ten year lease or a five year lease to a government tenant in a, let's say, secondary area. Warwick is Chair of the Bank of Queensland and a Non-Executive Director of Virgin Australia Holdings Limited, Terrace Tower Group, New South Wales Rugby Union Limited and Tantallon Capital Advisors. It's been a big year, not least for Steinberg. Alec: [00:30:06] And then final question, Darren, and before we ask, we just really want to say thank you for taking the time today. Bryce: [00:01:03] That's right, Ren. So you just go Oh, shit, because youre not trained for this. The low interest rates of the past few years had been great for owners of real assets, Mr Steinberg said. Steinberg remains optimistic about the office market in the long-term. For a lot of our listeners, investing in property is the dream. Her non-executive directorships have spanned listed, unlisted, private and government companies. You know, we weren't chasing growth. It's probably if you're a retailer, a lot of them aren't set up properly. If you're a small player, you just can't you just don't have the money to set up the infrastructure required and the cost Bryce to run it efficiently and effectively. Darren Steinberg's email & phone | Dexus's Chief Executive Officer Getting real: Darren Steinberg takes Dexus through the cycle News Ben Wilmot First published 24 June 2022, 7:00am The Australian Business Network Big developments, including the planned $2.1bn Waterfront Brisbane, are also a feature of the scaled up Dexus funds platform Property company Dexus faces a tough environment. Dexus originally was aiming for net zero by 2030. What is the next 12 months look like for Dexus? Dexus recognised as global leader in sustainability by GRESB And I think that's one of those things that you evolve over time. Dexus chief executive Darren Steinberg says the property group's real estate experience can "supercharge" the returns that its funds get from infrastructure investments by developing. Dexus' (ASX:DXS) CEO Compensation Is Looking A Bit Stretched At The Moment Getting real: Darren Steinberg takes Dexus through the cycle But the fight to keep it intact has only just begun, with a key vote next month on the prized $7.5bn AMP Capital Wholesale Office Fund. And today she's our chief operating officer. First of all, the doomsdayers of offices is dead. And this year, we set up some new renewable energy agreements in Queensland and Victoria. At Melbourne Airport, there was an exceptional opportunity to develop an industrial estate with manufacturing and logistics businesses, he said. Dexus acknowledges the Traditional Custodians of the lands on which we operate and recognise their ongoing connection to land, waters and community. But someone like Dix's has access to a very strong third party, capital partners that will come in the the big pension funds that I spoke about before. Appropriately, it shows you good returns through cycles over a one year period. Rocky markets. Janie Barrett. Chaos, right. Look, retail retail was going through its own challenges pre and Covid anyway, those challenges about online. And over the last two years, we used to meet at the Dexus headstock level with the portfolio managers in the lodging business. He also says the pandemic hasn't been as stressful as the global financial crisis. Dexus is commited to delivering high levels of transparency and disclosure on its business activities. This analysis aims first to contrast CEO compensation with other large. Period. You're going to get a better return. Alison has made a strong contribution on driving improvements and efficiencies across the group, with a focus on the finance and technology function. And that means that we're investing lease and develop Australian real estate. So what I like to do is develop my leadership team is is built like any team that's flexible, that can go into any situation, hopefully multibrand, multiple. Dexus expects its managed funds will benefit from continued government spending on healthcare, including developments of hospitals and surrounding infrastructure, and aged care centres. The company has been a player in much of the corporate action over the last decade as it became a premiere property house and now looks to establish an unassailable position in funds management. Yeah, I'm back in an office for the first time in twenty years because we've been doing more meetings like this with various lockdowns and etc. And there is a real lack of productivity. Steinberg, who's on the board of the Sydney Swans, throws in a sports analogy. But it goes back to the companys legacy when it was created out of a funds shop in 2004. You might have a short blip in your income, but good quality property, property located is the source of wealth creation. But you also want people, people, I think, to many industries and organisations to have this go for the smartest guys. Changes to Group Management Committee | Dexus Board of Directors | Dexus The tenant wants to be in the CBD where they can go to the pubs of restaurants when they're open and looking into their mates and network. Mark was also a Director in the Property Investment Banking division of Macquarie and was involved in listing the previous Macquarie Office Fund. It was at Westfield, as the state leasing manager in the late 1990s, that he made an impression that would prove pivotal. Weve also been noticing a bit of a blending of the asset classes over the last five years, he says. Dexus is not to be underestimated. So I know a lot of our audience would have taken some value from that very much. So I adopt a range of different styles depending on what's happening at the time in the business. Bryce: [00:13:03] Mm hmm. Dexus Diversified Infrastructure Trust (DDIT), Dexus Wholesale Shopping Centre Fund (DWSF), Dexus Community Infrastructure Fund (COMMIF), Dexus Wholesale Australian Property Fund (DWAPF), Dexus Property for Income Fund No 2 (DPFIF2). Darren Steinberg, chief executive of Dexus, picked Japanese restaurant Azuma in Chifley Tower because it's sharp and efficient. We are pleased that we have achieved year-on-year improvement in the GRESB results globally, delivering performance for our investors, our customers and our communities as we transition towards a low carbon economy." So so what IPN gave us was more breadth. So I'm undoubtedly a better leader today than I was early on in my tenure as a chief executive. That's going to be very hard to release for that lease comes to an end or it's going to need a whole lot of CapEx thrown at it to to get at least again, which is going to really hit its return. We got some ultra smart guys that might have come out of investment banking or finance and they are now running strategy or development. So our chief operating officer, Melanie, for example, she was in finance for thirteen years, tucked away, hidden away, and all the finance people had hidden a few years ago. People will sit there and say it's the death of the office, but I don't think that's the case based on the deals we are still doing. Everyone's being impacted and, as a result, there's very little that you can do strategically to have gotten yourself out of this position.". Bryce: [00:30:47] Well, Darren, it's been an absolute pleasure talking with you today. It's not yet 12.30pm, but the restaurant is three-quarters full and heaving. And so you're going to see a big push no matter what the government decides to do. Rhoda has been a Non-Executive Director for over 15 years. Penny was a senior executive at Leighton Holdings Limited (now CIMIC Group) and is a former director of BlueScope Steel Limited, Australia Post, Port Authority of NSW and Macquarie Specialised Asset Management. Rocky markets. Michael Bessell, Dexus co-head of infrastructure, said the funds would continue to invest in new infrastructure including healthcare, schools, stadiums, energy and transport projects. There were times at my place where everyone was on the internet so it slowed down and you've got to come outside and yell 'Stop watching YouTube' or 'Turn that download off, I need to get back on a call'," he says. Weve been tilting towards real assets, Steinberg says. This catch phrase is well and truly with us. So, look, I would hope that we are out of these lockdown's over the next sort of two to three months. And what I did a lot of coaching opportunities, women's teams, men's teams and played it is great for 200 games. If I'm looking for talent and it's all about the best talent, I have a far more diverse spread. Appointed to the Board on 28 September 2022, Elana Rubin is an Independent Director of Dexus Funds Management Limited and Dexus Wholesale Property Limited, and a member of the Board People & Remuneration Committee, Board Risk Committee and Board Nomination Committee. Darren Steinberg - Chief Executive Officer and Executive Director at In volatile markets, its the strong players with the balance sheets to support the business that will still be there, he says. That's got to be in properly. We pay our respects to First Nations Elders past, present and emerging, and remain committed to supporting reconciliation across our business. Rates property in our our community at the moment, pun intended. Yeah, we invest only in Australia. The organizational chart highlights the reporting lines within the company, starting with Darren Steinberg - the Chief Executive Officer & Executive Director of Dexus, and followed by additional decision makers: Keir Barnes, Chief Financial Officer, and Raechelle Inman . But rising interest rates and a slowdown in the economy have increasedthe cost of property development. Bryce: [00:04:04] It sounds like just like stocks always goes up, property always goes up as well. And also now with our recent acquisition of the Open Property Group, we do a number of high net worth and individual retail investors. And that is now probably more diverse than I was early on because, you know, early on I'd probably have a beer with Bryce sitting around the table playing around, and I knew that he'd be a safe pick today. And I suppose know we always talk about Black Swan event. Yeah. So think of it. Darren is a Fellow of the Australian Institute of Company Directors, the Royal Institution of Chartered Surveyors and the Australian Property Institute. Alec: [00:01:43] Let's check in now. Shifting values. Why Dexus property chief Darren Steinberg isn't buying the WFH future The hosts of Equity Mates Investing Podcast are not financial professionals and are not aware of your personal financial circumstances. Rocky markets. . Darren Steinberg is the CEO of Dexus and an Executive Director of Dexus Funds Management Limited. And most you can imagine, we talk to our customer base, to most of the chief executives in the country. And it's easy if you've got a nice big house in a room by yourself, it's easy to operate flexibly. Darren Steinberg has been working as a CEO and Executive Director for Dexus for 4017 days. When it comes to sport, yes, he says. We've already covered a lot of ground and barely looked at the menu. Appendix 3Y - Darren Steinberg | Dexus In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing Podcast acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. It was six years ago, in December 2014, and unfolded about a block from where we now sit in Azuma, looking out of the window from Chifley Tower at the centre of Sydneys financial district. A lot of them have taken the same space or even a touch larger. And so it's always about the future of of your company. And I it's very, very challenging. Major health projects like the companys North Shore Health Hub have grey areas where property and infrastructure overlap. Rhett Wyman. 3:29PM June 22, 2022 Comments Property company Dexus faces a tough environment. She has developed deep expertise in the oversight of people, culture and remuneration issues and has been a vocal advocate for sustainability, workplace safety and ESG issues for more than a decade. Youve got people who are very upset and crying and you have to decide whether to let people out of the buildings or not.. Really, a lot of people are struggling with what this means, that there's a real disparity between the workers that are very happy working from home. Follow the topics, people and companies that matter to you. Darren Steinberg, Dexus CEO said: "We are confident in the outlook for healthcare real estate and the investment in AUHPT provides us with an efficient way to increase our exposure to this attractive asset class at an appealing price. Dexus wants to combine its experience developing hospitals, offices, industrial estates and shopping centres with former AMP managers experience operating airports, power companies and aged care companies, Mr Steinberg said. Chair and Independent Director BBus (UTS), MCom (UNSW), SF Fin Appointed to the Board on 1 February 2021 as an Independent Director, Warwick Negus became Chair of Dexus Funds Management Limited on 27 October 2022. Darren Steinberg: [00:29:41] That I look, I think there's always a variety of risk. The ambition for the next period is clear and purposeful. I can only imagine sort of what they're thinking at the moment with the entire workforce working from home, how they're going to recreate that space to make it still valuable for for their staff. But once again, that's not without its challenges. sold several buildings in the past few months. Everyones wanted to be a fund manager, he says. The US is having a totally different experience to whats playing out in Australia, in Singapore, in India, in Hong Kong, in Japan.. With over 35 years of expertise in property investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering superior risk-adjusted returns for investors. Elana was formerly a member of the Federal Governments Infrastructure Australia Council and Climate Change Authority, and a member of the AICD Victorian Council. We both stick to sparkling water. You know, undoubtedly through markets go up, markets go down, but good property always holds its value and delivers returns over the medium to long term, which is what real estate investing is all about.
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