Dexus Finance Pty Limited: Sale of 45 Clarence Street for $530 million
24 June 2020
Sale of 45 Clarence Street, Sydney for $530 million
Dexus today announced that it has conditionally exchanged contracts to sell 45 Clarence Street, Sydney.
The sale will realise net proceeds of $530 million, which is consistent with the property's book value at 31 December 2019 and supports the strong investment demand for prime quality office assets in the Sydney CBD.
45 Clarence Street is a 28-level, A-grade office tower across 32,000 square metres, located in the western corridor of Sydney's financial district and was built in 1990. At 31 December 2019, the property was 100% occupied and had a weighted average lease expiry of 3.3 years.
The sale was concluded following the receipt of an off-market unsolicited offer from Peakstone, a Singapore headquartered manager of Asian capital, and is subject to the purchaser receiving FIRB approval.
Darren Steinberg said: "This transaction reinforces the resilience of prime quality office asset values in the Sydney CBD and enables us to recycle capital into higher returning opportunities that we expect will become more prevalent over the coming period."
The transaction follows the completion or exchange of more than $800 million of property divestments across the group during FY20.
The net sale proceeds will initially be used to repay debt.
Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited.
For further information please contact:
Investors David Yates Executive General Manager, Investor Relations +61 2 9017 1424 +61 418 861 047 firstname.lastname@example.org Media Louise Murray Senior Manager, Corporate Communications +61 2 9017 1446 +61 403 260 754 email@example.com
Information and Explanation of the Issuer to this News:
Dexus is one of Australia's leading real estate groups, managing a high-quality Australian property portfolio valued at $33.8 billion. We believe that the strength and quality of our relationships is central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia and directly own $16.8 billion of properties, with a further $17.0 billion of properties managed on behalf of third-party clients. The group's $11.2 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.8 million square metres of office workspace across 55 properties, we are Australia's preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 27,000 investors from 20 countries. With 35 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com
Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS) Level 25, 264 George Street, Sydney NSW 2000
24-Jun-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Dexus Finance Pty Limited 264 George Street 2193 Sydney
Australia Phone: +61 2 9017 1100 Fax: +61 2 9017 1101 E-mail: firstname.lastname@example.org Internet: www.dexus.com ISIN: XS1961891220 WKN: A2RZHG Listed: Regulated Unofficial Market in Frankfurt EQS News ID: 1077321 End of Announcement DGAP News Service
1077321 24-Jun-2020 CET/CEST