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[2026] NSWSC 684
Supreme Court of NSW
2026-06-12
Hammerschlag CJ in Eq
Original judgment source is linked above.
Source: NSW Caselaw (www.caselaw.nsw.gov.au). Converted to plain text by ZoeLaw. Not the official version.
Medium Neutral Citation: Dexus Capital Investment Services Pty Ltd v Australia Pacific Airports Corporation Limited (No 3) [2026] NSWSC 684
Hearing dates: 12 June 2026
Date of orders: 12 June 2026
Decision date: 12 June 2026
Jurisdiction: Equity - Commercial List
Before: Hammerschlag CJ in Eq
Decision: All Injunctions presently on foot are dissolved.
Catchwords: INJUNCTIONS — where Injunctions were on foot pending determination of the principal proceedings which have been determined — Injunctions dissolved — no issue of principle
Cases Cited: Dexus Capital Investment Services Pty Ltd v Australia Pacific Airports Corporation Limited (No 2) [2026] NSWSC 648
Category: Procedural rulings
Parties: Dexus Capital Investment Services Pty Ltd as trustee for Dexus Diversified Infrastructure Trust A, Australia Pacific Airports Fund, Australia Pacific Airports Fund No. 4, Australia Pacific Airports Fund No. 2 and Dexus Wholesale Airport Fund (First Plaintiff/Cross- Defendant)
Dexus Capital Investors Limited as trustee for Australia Pacific Airports Fund 3, and Infrastructure Trust No. 1 (Second Plaintiff/Cross-Defendant)
InfraBridge (GIF Cayman Holdco) 4, L.P. (Third Plaintiff/Cross-Defendant)
Australia Pacific Airports Corporation Limited (First Defendant/Cross-Claimant)
J.P. Morgan Nominees Australia Ltd acting as nominee for JPMorgan Chase Bank, N.A. (Sydney Branch) in its capacity as custodian for SAS Trustee Corporation (Second Defendant/Cross-Claimant)
Utilities of Australia Pty Ltd as trustee for Utilities Trust of Australia (Third Defendant/Cross-Claimant)
IFM Investors (Nominees) Limited as trustee for DAF Private Capital Sub-Trust APAC (Fourth Defendant/Cross-Claimant)
The Northern Trust Company as custodian for the Future Fund Board of Guardians (Fifth Defendant/Cross-Claimant)
REST Nominees No.2 Pty Ltd as trustee of Rest Infrastructure Trust (Sixth Defendant/Cross-Claimant)
SAS Trustee Corporation (Eighth Defendant/Cross-Claimant)
Future Fund Board of Guardians (Ninth Defendant/Cross-Claimant)
Representation: Counsel:
JA Arnott SC (Plaintiffs/Cross-Defendants)
B Lambourne (First Defendant/Cross-Claimant)
E Holmes SC, S Murray (Second and Eighth Defendants/Cross-Claimants)
C Beshara (Third Defendant/Cross-Claimant)
D Heaton (Fifth and Ninth Defendants/Cross-Claimants)
C Colquhoun SC, M Taylor (Sixth Defendant/Cross-Claimant)
Solicitors:
Arnold Bloch Leibler (Plaintiffs/Cross-Defendants)
Norton Rose Fulbright (First Defendant/Cross-Claimant)
Corrs Chambers Westgarth (Second and Eighth Defendants/Cross-Claimants)
Ashurst (Third Defendant/Cross-Claimant)
Gilbert + Tobin (Fourth Defendant/Cross-Claimant)
Baker McKenzie (Fifth and Ninth Defendants/Cross-Claimants)
Jones Day (Sixth Defendant/Cross-Claimant)
File Number(s): 2025/00192969
Publication restriction: Nil
This matter was relisted today because the parties could not reach agreement on the form of undertaking which I described in paragraphs [6] and [7] of the brief judgment I delivered on 5 June 2026, in relation to a stay of my orders pending a possible appeal (see Dexus Capital Investment Services Pty Ltd v Australia Pacific Airports Corporation Limit**ed (No 2) [2026] NSWSC 648).
I conveyed to the parties the form of orders I envisaged, but it found favour with none of them. It seems to me that if my judgment stands, there is nothing to prevent the implementation of the machinery in the agreement; but if that machinery is implemented and any appeal subsequently succeeds, the risk of implementation simply lies with the presently successful parties. That is just a fact of commercial life.
In the circumstances, I consider that there should be no stay and that the principal judgment should take its effect, which will be subject to the risks and rewards which might eventuate respectively in the event of the failure or success of an appeal (if there is one).
All Injunctions presently on foot are dissolved.
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Dexus Capital Investment Services Pty Ltd
Australia Pacific Airports Corporation Limited (No 3)
[2026] NSWSC 648