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Dexus to Sell Assets Worth A$383.2 Million
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..
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Sobha Ltd Launches Rs 2,000 Crore Rights Issue
Realty firm Sobha Ltd is set to launch its rights issue aiming to raise up to Rs 20 billion. The proceeds will primarily be used to reduce debt, acquire land and machinery, and cover construction costs for various projects. The issue will close on July 4. On June 12, the Board approved the terms of the rights issue. The Bengaluru-based company plans to issue 1,21,07,981 equity shares on a partly-paid basis at a price of Rs 1,651 per share, which includes a premium of Rs 1,641 per share. The rights entitlement ratio is set at 6 rights equity shares for every 47 fully paid-up equity shares held ..
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U.S. Banks Resilient in Stress Test Despite CRE Risks
In a pivotal assessment of the financial sector's resilience, U.S. banks have emerged robust from the Federal Reserve's rigorous stress tests, despite looming challenges in the commercial real estate (CRE) market. The tests, designed to simulate a severe economic downturn, included hypothetical scenarios such as a 40% drop in commercial real estate values, reflecting growing concerns amidst shifting market dynamics. As pandemic-induced changes in work habits continue to reshape office demand, vacancy rates in commercial properties have surged to record highs, peaking at 20%. Investors and anal..