Dexus to Sell Assets Worth A$383.2 Million
ECONOMY & POLICY

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 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.

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.

Next Story
Infrastructure Transport

Rain Strain: 3 Airports Collapse!

Three airports have suffered a collapse this week under torrential rains. PRATAP PADODE, Founder FIRST Construction Council recommends five measures to improve infrastructure health A portion of a roof at Terminal-1 of Delhi’s Indira Gandhi International Airport collapsed on cars under heavy rainfall and winds, killing one person and injuring around eight others. Just the previous day a portion of the canopy at the new terminal building of Jabalpur airport in Madhya Pradesh caved in and fell on a car after heavy rainfall. A statement by the Airports Authority of India (AAI), Jabalpur read, ..

Next Story
Real Estate

Wealth Creators

The government’s substantial push in infrastructure, construction and real estate has notably boosted stock exchange leaders by fostering an environment ripe for growth and investment. Significant investments in transportation, energy, urban mobility and digital infrastructure have led to robust economic activity, stimulating sectors such as construction, real estate, steel, cement, and technology. Driven by government initiatives like the Bharatmala Pariyojana, AMRUT, Pradhan Mantri Awas Yojana, Sagarmala, Swachh Bharat Mission, Smart Cities Mission and the expansion of metro rail projects,..

Next Story
Infrastructure Energy

Infrastructure Gets a Green Light!

Big Boost - The World Bank has approved $ 1.5 billion for low carbon energy for India. PRATAP PADODE, Founder FIRST Construction Council explores… What are the greatest innovations of the 21st century? While many advocate for AI or Artificial Intelligence, Green Energy may be on the cusp of a significant breakthrough. The 21st century has been defined by an urgent need to tackle environmental challenges. Consequently, innovations in sustainable technology have gained prominence as businesses and consumers alike recognize the importance of protecting the planet. Green tech is not just a bu..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram