Australian Real Estate Firm Dexus to Sell Assets Worth $255 Million
Dexus, an Australian real estate firm, has announced the sale of three assets, including a 25% stake in Sydney office building 5 Martin Place, for a combined value of $254.67 million.
Real EstateDexusCanada Pension Plan Investment BoardOffice BuildingsAsset SaleReal Estate NewsJun 27, 2024
The 25% stake in 5 Martin Place is valued at A$148.1 million and is part of a 50% holding jointly held with Canada Pension Plan Investment Board. The building is a premium grade office property with a weighted average lease expiry of 2.9 years and occupancy of 97%, as of May 31.
Last week, Dexus had 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. The company's shares fell as much as 4.1% and were on track for their worst day since October 25, 2023.
information Dexus is an Australian real estate investment trust (REIT) that owns and manages a diverse portfolio of office, industrial, and retail properties across Australia. The company is listed on the Australian Securities Exchange (ASX) and has a market capitalization of over A$10 billion.
Canada Pension Plan Investment Board is a Canadian Crown corporation that invests in a diversified portfolio of assets, including real estate, stocks, bonds, and private equity. The organization manages a fund valued at over CAD 400 billion and has investments in over 30 countries around the world.
Frequently Asked Questions
What is the value of Dexus' 25% stake in 5 Martin Place?
A$148.1 million
What is the total value of the three assets being sold by Dexus?
$254.67 million
What is the purpose of the asset sale by Dexus?
To repay debt
What is the weighted average lease expiry of 5 Martin Place?
2.9 years
Who is the joint owner of the 50% holding in 5 Martin Place with Dexus?
Canada Pension Plan Investment Board
Related News Articles
Indian Real Estate Sector Faces Uncertainty with Removal of Indexation Benefits
The Indian real estate sector may experience a significant impact with the removal of indexation benefits announced in the Union Budget 2024, leading to increased tax burdens and potential market slowdowns.
Piramal Realty Appoints Abhijeet Maheshwari as CEO to Spearhead Real Estate Growth
Abhijeet Maheshwari joins Piramal Realty as CEO, bringing 18 years of experience in real estate development and leadership from Tata Realty Infrastructure Ltd.
FPCE Challenges MahaRERA's Move to Create Forum for Builder-Buyer Disputes
Homebuyers' association FPCE has questioned Maharashtra real estate regulator MahaRERA's decision to constitute and be part of a conciliation forum to settle disputes between builders and customers.
Arika by Birla Estates Reaches Milestone with Rs 3000 Cr Sales
Arika, a project by Birla Estates, has achieved a remarkable milestone by recording sales of Rs 3000 crore, setting a new benchmark in the Indian real estate sector.
Breaking Ground: Women Leading the Charge in India's Real Estate Sector
In the rapidly evolving real estate market in India, women are making significant strides, reshaping the industry with their innovative strategies and investment acumen. Their contributions are not only breaking traditional barriers but also building a more inclusive and dynamic real estate landscape.
Pune: Dreams Per Square Feet Launches April–June 2025 Edition, Spotlighting India's Real Estate Marvels
Pune, 13th April 2025: Dreams Per Square Feet, India's first-of-its-kind hybrid real estate magazine, proudly announces the release of its latest edition, featuring a comprehensive overview of the most innovative and luxurious properties across the country.