Sale of 309-321 Kent Street, Sydney

23 December 2021

Sale of 309-321 Kent Street, Sydney

Dexus announces that it has exchanged contracts to sell its 50% interest in 309-321 Kent Street, Sydney.

The sale will realise proceeds of $401 million¹, with net sale proceeds initially being used to repay debt.

309-321 Kent Street comprises two A-Grade office buildings across 47,702 square metres located in the Sydney CBD. As at 13 December 2021, the property was 93% occupied with a weighted average lease expiry of 3.5 years.

The sale was the result of an on-market sales campaign and is subject to a number of conditions including FIRB application and approval. Subject to the satisfaction of conditions, settlement is expected in April 2022.

Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited