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
Technology

Step down your carbon footprint!

The construction industry is a major contributor to global carbon emissions, accounting for a significant portion of the world's greenhouse gases (GHGs). Key materials like cement, steel, aggregates, and bitumen are primary sources of these emissions. As urbanisation continues to accelerate, especially in developing countries such as India, the environmental impact of construction activities is becoming increasingly severe. This situation necessitates the adoption of sustainable construction technologies to mitigate the carbon footprint associated with construction projects. Major contrib..

Next Story
Infrastructure Urban

Wilo Mather aims 25% revenue from exports

Wilo Mather and Platt Pumps, a leading manufacturer of pump solutions, is targeting to generate 25% of its revenue from exports over the next 2-3 years. This strategic goal underscores the company's commitment to expanding its global footprint and capitalising on growing international demand for high-quality pump systems. The company plans to leverage its strong engineering capabilities and innovative product portfolio to penetrate new markets and increase its share in existing ones. Wilo Mather and Platt Pumps aims to enhance its presence in regions such as the Middle East, Southeast Asia, an..

Next Story
Infrastructure Urban

Adani Group to raise up to $3 billion in equity

Adani Group has unveiled plans to invest a staggering ?1.3 trillion in the fiscal year 2025, alongside raising up to $3 billion in equity. This ambitious investment strategy is set to fuel the conglomerate's diverse growth initiatives across multiple sectors, including energy, infrastructure, and logistics. The ?1.3 trillion investment will be allocated to expanding Adani Group's presence in renewable energy, enhancing port capacities, and developing cutting-edge infrastructure projects. These investments aim to bolster India's economic growth, create jobs, and promote sustainable development...

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram