DEXUS Property Group Opens West Coast US Office and Expands US Management Team

DEXUS today announced the opening of a new US management office in Newport Beach, California and the expansion of the US management team.

DEXUS's US management team, led by Jane Lloyd, has been expanded with the appointment of Bruce McDonald - Managing Director, Development & Asset Management and Bryan Bentrott - Managing Director, Acquisitions & Leasing, along with a team of six executives with expertise in property management, finance and operations. This team previously ran Master Development Corporation, an established Southern Californian real estate management company.

Victor Hoog Antink, DEXUS Chief Executive Officer, commented: "These appointments bring to DEXUS extensive US industrial real estate management, leasing and development expertise, together with established relationships with capital partners, particularly in our preferred west coast markets."

Paul Say, Head of Corporate Development & International, said "The expansion of the team supports the progressive internalization of the management of our west coast and Whirlpool properties. DEXUS will internalize management of the Whirlpool properties by 1 July 2010 and the balance of the west coast properties by 1 January 2011. RREEF will continue to provide asset management services for the balance of our portfolio, while we complete its repositioning and reinvestment into our preferred west coast markets. CBRE will continue to provide property management services."

DEXUS's US team of 12 personnel will be further expanded during the coming year. The team will operate out of a new DEXUS office in Newport Beach, California, centrally located in our core markets of Los Angeles/Riverside and the Inland Empire.

DEXUS is one of Australia's leading real estate groups specializing in owning, managing, developing world-class office, industrial and retail properties with total assets under management of $13 billion in Australia and the United States. In Australia, DEXUS is the number 1 owner/manager of office, number 3 in industrial and, on behalf of third party clients, a leading manager and developer of shopping centers. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability and has been recognized for the second year running as one of the Global 100 Most Sustainable Corporations at the World Economic Forum in Davos. www.dexus.com

DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS Property Group (ASX:DXS).