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Australian Real Estate

Dexus Sells Kent Street Property

November 24, 2021 – Dexus announced that it has exchanged contracts to sell its 100% interest in 383-395 Kent Street, Sydney.

The sale will realise proceeds of $385 million, reflecting a 1.3% premium to last stated book value. Net sale proceeds will initially be used to repay debt.

383 Kent Street, Sydney is a 17,928 square metre, A-Grade office building located in the western corridor of the Sydney CBD. At 30 June 2021, the property was 98% occupied with a Weighted Average Lease Expiry of 2.0 years, with these metrics increasing to 100% and 3.2 years respectively in early September 2021. Major customers include Wilson Parking, Grant Thornton Australia and InterSystems Australia.

The sale was the result of a competitive, on market sales process with settlement expected in July 2022.

Read more here..

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