1 May 2018

March 2018 quarter portfolio update

Dexus today announced its property portfolio operational update for the quarter ended 31 March 2018.

Darren Steinberg, Dexus Chief Executive Officer said: “It’s pleasing to see great traction across the key areas of our business which will contribute to our distribution per security growth guidance of 4.5-5% for FY18. This has been driven by continued leasing in our core markets and solid progress on opportunities in our development and trading pipeline.”

Highlights

  • Leased 92,822 square metres1 of office space and 14,832 square metres1 of office development space, across 73 transactions, with office portfolio occupancy increasing to 96.8%
  • Leased 46,645 square metres1 of industrial space across 24 transactions, with industrial portfolio occupancy increasing to 97.9%
  • Reached key milestones across the group’s $4.2 billion development pipeline, including:
    • Finalising settlement on 105 Phillip Street, Parramatta, contributing to FY18 trading profits
    • Receiving Queensland Government support for the Waterfront Precinct proposal by Dexus to progress to the next stage under the Market-Led-Proposal Program
    • Receiving stage 1 approval of the State Significant Development Application for the mixed-use development at 201 Elizabeth Street, Sydney
    • Commencing construction of a new office development at 180 Flinders Street, Melbourne after securing John Holland as an anchor tenant
  • Entered into conditional heads of agreement for the sale of the trading opportunity at 140 George Street, Parramatta to the Dexus Office Partnership. When finalised, this sale will contribute to FY18 trading profits