This article is from the Australian Property Journal archive
DEXUS finished 2021 on a high, offloading offices in the Parramatta and Sydney CBDs for a combined $555 million.
The Dexus Office Partnership has offloaded its 100% interest in 140 & 150 George Street, Parramatta to Mintus for $154 million.
The 150 George Street property was recently vacated by the Commonwealth Bank. It comprises a 21,964 of A-grade office space and 140 George Street is an adjacent 2,271 sqm site.
At the same time Dexus has sold its 50% interest in 309-321 Kent Street Sydney to Hong Kong-listed Liu Chong Hing Investment Limited and Ashe Morgan for $401 million.
309-321 Kent Street comprises two office buildings providing 47,702 sqm of space. As at 13 December 2021, the property was 93% occupied with a weighted average lease expiry of 3.5 years.
The sales cap of a year of deals for Dexus and is part of the group’s strategy of recycling core investments and pursue higher returning opportunities.
The group has launched into construction finance, launching the new Dexus Real Estate Partnership 1 (DREP1), the first in a series of closed-ended opportunity funds aimed at wholesale investors, which provided a $70 million facility for an apartment project in Melbourne.
Dexus also sold 383-395 Kent Street in Sydney for $385 million and 201 Miller Street in North Sydney for $152.4 million.
Dexus recently obtained planning approval for $1.5 billion Atlassian headquarters and in September it bought Jandakot Airport for $1.3 billion. Earlier this week a Dexus managed fund made a play for Westfield Warringah.
