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
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