23 March 2016

Significant leasing success de-risks Dexus office portfolio

Dexus (“Dexus”) today announced that it has secured a number of leasing deals, significantly reducing key leasing risks and improving the lease expiry profile across Dexus’s Office portfolio.

Dexus CEO, Darren Steinberg said: “Recent leasing success has resulted in substantially reducing our forward lease expiry risks from 11.7% at 31 December 2015 to 10.2% for FY17. Our FY18 lease expiry profile has reduced from 9.4% to 7.0%, and from 16.1% to 14.5% for FY19.”

Dexus has leased approximately 98,000 square metres1 of office space since 31 December 2015, including the following key achievements:

  • Securing heads of agreement with Victorian Government for a 10 year lease renewal across 22,791 square metres at 8 Nicholson Street Melbourne, solving an FY18 leasing risk
  • Securing heads of agreement with Herald & Weekly Times for a renewal across 10,191 square metres at
  • Southgate Complex Melbourne, solving an FY19 leasing risk
  • Securing heads of agreement with Department of Immigration and Border Protection for a renewal at Customs House and Allara House, Finlay Crisp Centre, Canberra across 21,131 square metres, solving an FY17 leasing risk

Kevin George, Executive General Manager, Office & Industrial said: “Our leasing success has been the culmination of focused strategies in place across our Office portfolio. While locking down some major forward lease expiries and current vacancies, we continue to position the portfolio to take advantage of a tighter Sydney leasing market over the next two to three years.”

1 Including Heads of Agreement. 

For further information please refer to the pdf.