Sale of The Zenith 821 Pacific Highway Chatswood
20 May 2016
Sale of The Zenith 821 Highway Chatswood
Dexus (Dexus) today announced that it has entered into an agreement to sell its 50% interest in The Zenith, 821 Pacific Highway, Chatswood1.
Darren Steinberg said: “This transaction represents an opportunity for us to divest one of our non-strategic office properties at a premium to book value. The sale is consistent with our strategy of focusing on our core markets, and results in more than $350 million of property divestments being completed or exchanged across the Group so far in FY16.”
The gross sale price of $139.5 million2 reflects a $9.2 million or 7.1% premium to Dexus’s 31 December 2015 book value.
The sale is subject to the purchaser receiving FIRB approval, with settlement expected to occur in the September 2016 quarter. Dexus’s share of net sale proceeds will be used to repay debt.
1The Zenith is jointly owned by Dexus (50%) and GPT Wholesale Office Fund (50%).
2Gross sale price does not include transaction costs and is for Dexus’s 50% interest in the property.
For further information please refer to the pdf.