Sale of 12 Creek Street Brisbane

23 February 2022

Sale of 12 Creek Street Brisbane

Dexus announces that it has conditionally exchanged contracts to sell 12 Creek Street, Brisbane, which it owns a 50% interest, with Dexus Wholesale Property Fund (DWPF) owning the remaining 50% interest. The sale will realise net proceeds of $391 million¹, which will be used to repay debt. 

12 Creek Street is a 32-level, 38,746 square metre, A-grade office building, located in Brisbane’s “Golden Triangle”. The asset includes The Annex which comprises a new boutique office space with a rooftop terrace which was completed in 2021. Key customers include BDO Services, Moray & Agnew and AFSA.

Settlement of the sale is expected in March 2022. 

Dexus Chief Investment Officer, Ross Du Vernet said: “This divestment enables us to recycle capital into our high returning development pipeline, with our Waterfront Brisbane development expected to commence shortly given leasing momentum. We are excited about the opportunity to focus our leasing, asset management and development efforts on this new development project.”

Footnotes:

1. Reflects net sale price (Dexus 50%, DWPF 50%) and excludes transaction costs.