Dexus Sells $270m Worth of Industrial Assets

 Dexus Sells $270m Worth of Industrial Assets

Investment giants Dexus have sold a portfolio of six industrial assets across Victoria and NSW in a $269.4 million deal.

The properties will be switched to the Singapore backed Dexus Australia Logistics Trust (DALT), of which Dexus has an interest in since striking a deal with the sovereign wealth fund, GIC, in the backend of 2018.

The portfolio includes six high quality industrial assets, five of which are west of Melbourne’s CBD in Truganina, and one business park in Botany, near Sydney Airport and Port Botany.

The industrial properties have a combined occupation of 91% with a weighted average lease expiry of 7.4 years and a passing yield of 5.3%, in line with the DALT’s long term vision.

Dexus’ Executive General Manager, Funds Management, Deborah Coakley, said: “These acquisitions continue to build on the Dexus Australian Logistics Trust’s strategy to acquire high quality and well leased assets that deliver favourable total returns.”

Dexus CEO, Darren Steinberg expressed his delight at being able to, in part, retain the properties whilst securing profits for the company’s backers.

We are pleased to have been able to retain exposure to these quality industrial assets via our interest in the Dexus Australian Logistics Trust, while contracting trading profits for Dexus investors.

Darren Steinberg – Dexus CEO

The news comes after the DALT fund acquired two more industrial assets in a deal worth $173.5 million at the beginning of the month.

“We have leveraged our extensive market knowledge, development and leasing capabilities and track record to successfully deliver these projects. Since 2010, we have developed and leased 47 industrial development projects across 784,000 square metres in Sydney, Melbourne and Brisbane,” Mr Steinberg said.