Dexus today announced that it has conditionally exchanged contracts to sell 11 Waymouth Street, Adelaide.
The property is owned by the Dexus Office Partnership (“Partnership”), in which Dexus holds a 50% interest.
Gross proceeds achieved from the sale of the property are $202.5 million1 reflecting a slight premium to the property’s book value at 30 June 2017.
The sale is subject to the purchaser receiving FIRB approval and settlement is expected in the first quarter of 2018.
The sale of 11 Waymouth Street is consistent with Dexus’s strategy of divesting assets from non-core markets and follows the Partnership’s sale of 46 Colin Street, West Perth, 108 North Terrace, Adelaide and 36 George Street, Burwood. This strategy enables Dexus to focus on its core office markets of Sydney, Melbourne, Brisbane and Perth.
1 Gross sale proceeds are before settlement adjustments and transaction costs and are for the Partnership’s 100% interest in the property, of which Dexus holds a 50% interest.