08 Aug 2016
Sale of Auburn trading property to contribute to FY17 trading profits
8 August 2016Sale of Auburn trading property to contribute to FY17 trading profits
Dexus announces that it has successfully exchanged contracts to sell a trading property located at 79-99 St Hilliers Road, Auburn.
The gross sale proceeds of $65.0 million are expected to contribute approximately $25 million pre-tax to FY17 trading profits.
The sale is subject to the purchaser receiving FIRB approval and settlement is expected on 31 January 2017.
Ross Du Vernet, Dexus Chief Investment Officer said: “In 2015 we identified that the property had a higher and better use, being bulky goods. The sale delivers a strong financial outcome for investors and along with the sale of Erskine Park will contribute to FY17 trading profits.”
On 1 July 2016, Dexus settled on the sale of 57-65 Templar Road, Erskine Park, which is expected to contribute $12 million pre-tax to FY17 trading profits and was announced to the Australian Securities Exchange (ASX) on 28 October 2015.
Further details relating to Dexus's guidance for FY17 trading profits will be provided in its FY16 Annual Results to be released to the ASX on Wednesday, 17 August 2016.
For further information please refer to the PDF.