Dexus to Sell Assets Worth A$383.2 Million

28 Jun 2024 CW Team

Dexus, an Australian real estate firm, announced its decision to sell three assets, including a 25% stake in the premium Sydney office building 5 Martin Place. The combined proceeds from these sales are expected to be A$383.2 million (US$254.67 million).

Following the announcement, shares of Dexus fell by as much as 4.1%, marking the company's worst trading day since October 25, 2023.

The 25% stake in 5 Martin Place is valued at A$148.1 million and is jointly held with the Canada Pension Plan Investment Board, local media reports. The property boasts a high occupancy rate of 97% and a weighted average lease expiry of 2.9 years as of May 31.

Dexus plans to use the proceeds from the sales primarily to repay its debt. This move comes after the company flagged a decline in the book value of its portfolio for the six months ending in June, highlighting an accelerated downturn in the office real estate market.

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