Dexus announces the sale of six properties with combined proceeds of $483 million.
Two of the six properties are trading properties with combined sale proceeds of $145.6 million, which are expected to contribute approximately $24 million in aggregate pre-tax trading profits across FY23 and FY24. The trading properties are:
- Dexus’s 50% stake in Australian Bragg Centre, Adelaide which was sold to Dexus Healthcare Property Fund (DHPF), realising net proceeds of $102.5 million and is expected to contribute approximately $19 million pre-tax trading profits in FY23
- 20 Distribution Drive, Laverton, which was sold for $43.1 million on a fund through basis and is expected to contribute approximately $5 million in aggregate pre-tax trading profits to be recognised across FY23 and FY24
- Together with the sale of 12 Frederick Street, St Leonards which was announced to ASX on 10 November 2022, Dexus has now secured approximately $69 million pre-tax trading profits to be recognised in FY23, plus approximately $5 million pre-tax trading profits to be recognised across FY23 and FY24.
In addition, Dexus has settled on the sale of two additional properties, reflecting an average 2.5% discount to book value at 30 June 2022:
- 47 Acanthus Street, Darra for $15.9 million, which settled on 4 November 2022
- 19 Stoddart Road, Prospect for $76.2 million, which settled on 16 December 2022
Dexus has exchanged contracts to sell the remaining two properties for combined sale proceeds of $245.6 million, reflecting an average 12.5% discount to book value at 30 June 2022. These properties are:
- 8 Nicholson Street, Melbourne for $213.7 million, with settlement expected in July 2023
- 112 Cullen Avenue, Eagle Farm for $31.9 million, with settlement expected in January 2023
The sales of 20 Distribution Drive, 8 Nicholson Street and 112 Cullen Avenue are subject to FIRB approval. The sale of 20 Distribution Drive is subject to subdivision.
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