Sale of 383 Kent Street Sydney
24 November 2021
Sale of 383 Kent Street, Sydney
Dexus announces that it has exchanged contracts to sell its 100% interest in 383-395 Kent Street, Sydney.
The sale will realise proceeds of $385 million1, reflecting a 1.3% premium to last stated book value. Net sale proceeds will initially be used to repay debt.
383 Kent Street, Sydney is a 17,928 square metre, A-Grade office building located in the western corridor of the Sydney CBD. At 30 June 2021, the property was 98% occupied with a Weighted Average Lease Expiry of 2.0 years, with these metrics increasing to 100% and 3.2 years respectively in early September 2021. Major customers include Wilson Parking, Grant Thornton Australia and InterSystems Australia.
The sale was the result of a competitive, on market sales process with settlement expected in July 2022.
Dexus Chief Investment Officer, Ross Du Vernet said: “This transaction is in line with our strategy of recycling out of some core properties and reinvesting into higher returning opportunities including our sizeable development pipeline. This result demonstrates continued investor demand for quality office properties in core markets.”
Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited
1 Excludes transaction costs.
Head of Listed Investor Relations