Dexus, one of Australia’s major real estate investment firms, has failed in its legal bid to prevent the forced sale of its 27.3 per cent stake in Melbourne Airport, a holding valued at approximately $4.5 billion.

The dispute centres on a longstanding agreement tied to the ownership structure of Australia Pacific Airports Corporation (APAC), which controls both Melbourne Airport and Launceston Airport.

A group of major shareholders in APAC, led by IFM Investors and backed by large superannuation funds, argued that Dexus had breached the terms of a decades-old arrangement governing ownership rights and transfer obligations.As a result, they sought to compel Dexus to divest its significant stake in the airport asset.

The matter escalated to court, where Dexus attempted to block the forced transaction, arguing against the validity or enforceability of the claimed obligations.However, the court ruled against Dexus, allowing the forced sale process to proceed.

The decision represents a significant setback for the property investment group, which had sought to retain its exposure to one of Australia’s most strategically important infrastructure assets.

Melbourne Airport is considered a critical piece of transport infrastructure, and ownership stakes in the asset are highly sought after by institutional investors, particularly superannuation funds seeking long-term stable returns.

The ruling reinforces the binding nature of historical shareholder agreements in large infrastructure consortia and underscores the influence of institutional investors in shaping ownership outcomes in major Australian assets.The outcome is expected to trigger a major transaction process involving the redistribution of Dexus’s stake among existing or incoming investors.

While the financial implications are substantial, market attention is also focused on how the sale will be executed and whether it could reshape the ownership structure of APAC moving forward.