Dexus announces that it has unconditionally exchanged contracts to sell three assets for combined proceeds of $383.2 million1. Sale prices were reflected in the 30 June 2024 draft valuations announced on 20 June 2024. 

The assets include:

• Dexus Office Partnership’s 50% interest in 5 Martin Place, Sydney for $296.2 million, in which Dexus’s 25% share represents $148.1 million. 5 Martin Place is a Premium grade office building in the Sydney CBD with a WALE of 2.9 years2 and occupancy of 97%2. Settlement is expected to occur by 28 June 2024
• 130 George Street, Parramatta for $69.1 million. 130 George Street is a B grade suburban Sydney office building with a WALE of 1.2 years2 and occupancy of 73%2. Settlement is expected to occur in November 2024
• 18 Motorway Circuit, Ormeau for $17.9 million. 18 Motorway Circuit is an industrial asset located in South Brisbane with a WALE of 7.7 years2 and occupancy of 100%2. Settlement occurred on 17 June 2024 (image below)

Sale proceeds will initially be utilised to repay debt. These divestments continue Dexus’s asset recycling initiatives, with further market updates expected as transactions materialise.