- Australian real estate group Dexus (DXS) has sold its office tower in Sydney for $530 million to Peakstone
- However, for the deal to go fully through the companies will need approval from the Foreign Investment Review Board
- The tower is located on 45 Clarence Street, which is in the western corridor of Sydney’s financial district
- The company said the sale supports the strong investment demand for high-quality office assets in the CBD in Sydney
- On market close, Dexus is up slightly and is selling shares for $10.10 each
Australian real estate group, Dexus (DXS) has sold its office tower in Sydney for $530 million to Peakstone.
Peakstone is a Singapore headquartered manager of Asian capital, meaning for the idea to go through it will need the Foreign Investment Review Board (FIRB) approval.
The tower is located on 45 Clarence Street, which is located in the western corridor of Sydney’s financial district and is an A-grade office tower. The 32,000 square metre tower was built in 1990.
As of December 31, the building was 100 per cent occupied and has an average lease expiry of 3.3 years.
The company said the sale supports the strong investment demand for high-quality office assets in the CBD in Sydney.
“This transaction reinforces the resilience of prime quality office asset values in the
Sydney CBD and enables us to recycle capital into higher returning opportunities that we expect will become more prevalent over the coming period,” CEO Darren Steinberg said.
On market close, Dexus is up slightly and is selling shares for $10.10 each.