Dexus has exchanged contracts to sell Axxess Corporate Park, a business park in Mount Waverley, Victoria.
Axxess Corporate Park is located in Mount Waverley’s hi-tech office and warehouse precinct, and comprises a 19.6ha estate with further development options for further last-mile facilities.
Gateway Capital is reported to have acquired the properties, for its $1bn partnership with Cadillac Fairview. The partnership is seeking urban core plus, value add and development assets on the east coast markets.
Cushman & Wakefield brokered the deal.
The sale will realise proceeds of $306.2 million, reflecting a 7.4% premium to the 31 December 2022 independent valuation.
The sale is subject to FIRB approval and is otherwise unconditional. Settlement is expected in early July 2023.
Together with the sale of 44 Market Street, Sydney announced on 9 June 2023, Dexus has secured combined sale proceeds of approximately $700 million, representing an approximate average 8% discount to the 31 December 2022 independent valuation.
This transaction brings total divestments by Dexus announced during FY23 to date to approximately $1.5 billion.
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