Australia’s Dexus to sell three assets for $255 million, Real Estate News, ET RealEstate
BENGALURU: Australian real estate firm Dexus said on Thursday it would sell three assets, including its 25% stake in Sydney office building 5 Martin Place, for combined proceeds of A$383.2 million ($254.67 million).
Shares of the company fell as much as 4.1% and were on track for their worst day since Oct. 25, 2023.
Dexus said its 25% interest in 5 Martin Place was valued A$148.1 million. The stake is part of a 50% holding jointly held with Canada Pension Plan Investment Board, according to local media reports.
The property is a premium grade office building with a weighted average lease expiry of 2.9 years and occupancy of 97%, as of May 31.
Dexus said it would use the proceeds initially to repay its debt.
Last week, the company flagged a decline in the book value of its portfolio for the six months to June-end, indicating an acceleration in the downturn in office real estate.
