11 October 2016
Sale of 324 Queen Street, Brisbane
Dexus Wholesale Property Fund (“DWPF” or “The Fund”) today announced that it has entered into an agreement to sell its 50% interest in 324 Queen Street, Brisbane for gross sale proceeds of $66.0 million.
324 Queen Street, Brisbane is a 19,895 square metre B Grade office building, which was originally constructed in 1975 and extensively refurbished in 2001.
DWPF Fund Manager, Michael Sheffield said: “This sale represents an opportunity for DWPF to divest at the right point in the cycle and reinvest the proceeds into the Fund’s active development pipeline, and reflects our continued focus on enhancing value for unitholders.”
Settlement is expected to occur in December 2016.
For further information please refer to the PDF.