Dexus Sells Office Properties for $443.2 Million

Dexus Finance Pty Limited has announced the sale of two office properties for a total of $443.2 million. The sales, which align closely with their recent valuations, include Dexus's ownership interest valued at $336.3 million. The properties sold are located in Sydney and Brisbane.

The Sydney property at 100-130 Harris Street was sold for $229.3 million, maintaining its book value from June 2024. This boutique office building boasts 83% occupancy with a WALE of 4.3 years. Settlement is expected by early 2025.

The Brisbane property, at 145 Ann Street, sold for $213.9 million, representing a 1.7% discount from its June book value. Dexus holds a 50% leasehold interest. The building shows 84% occupancy and a 3.2-year WALE, with settlement planned for December 2024.

These sales will reduce Dexus's gearing by approximately 1.5 percentage points and support its divestment strategy through the fiscal years 2025 to 2027.