Initial settlement of 80 Collins Street Melbourne
9 May 2019
Initial settlement of acquisition of 80 Collins Street, Melbourne
Dexus and Dexus Wholesale Property Fund (“DWPF”) today announced the settlement of the first tranche of the acquisition of 80 Collins Street, Melbourne for $1.09 billion1.
Details relating to the transaction were previously announced to the Australian Securities Exchange (ASX) on 2 May 2019.
1. Reflects the Tranche 1 payment price for the acquisition of 100% of the 80 Collins precinct (Dexus 75%, DWPF 25%), excluding transaction costs and subject to customary adjustments. The Total Acquisition Cost of $1.476 billion comprises i) payments for the 80 Collins precinct on an “as-is” basis of $1.082 billion, ii) payments for remaining costs to complete of $290 million, and iii) payments for assumed outstanding incentives and North Tower capital expenditure liabilities of $104 million. Dexus will fund 75% of the total Acquisition consideration with DWPF funding the remaining 25%. Refer to slide 24 of the investor presentation titled “80 Collins precinct acquisition and equity raising” dated 2 May 2019 for further details.