25 February 2019
Sale of 11 Talavera Road, Macquarie Park
Dexus today announced that it has conditionally exchanged contracts to sell its 100% interest in 11 Talavera Road, Macquarie Park.
Net proceeds achieved from the sale of the property are $231.2 million1, reflecting a slight premium to the property’s book value at 31 December 2018.
Chief Investment Officer, Ross Du Vernet said: "We have added significant value over the past 3.5 years at 11 Talavera Road, leasing 26,726 square metres to take occupancy to 95.0%. We have also progressed a development application for a new 26,000 square metre tower2, however Macquarie Park is a non-core market for Dexus and this divestment provides capacity to fund development and acquisition opportunities in core markets, in line with our stated strategy."
Settlement is expected to occur in late June 2019.
1. Net sale proceeds are before transaction costs.
2. Reflects gross floor area.