Dexus Industria REIT (ASX: DXI) announced it has entered into option agreements to divest its final business park assets at Brisbane Technology Park (BTP) in Eight Mile Plains, Queensland, for a total net price of $155.5 million. Dexus Industria REIT is a listed Australian real estate investment trust primarily invested in high-quality industrial warehouses. The divestment marks a significant step in DXI’s evolution into a focused industrial property REIT.
The divestment is structured across two transactions. Corval has agreed to acquire 11 of the 13 properties for a net price of $110.7 million, while Exceed Capital will acquire the remaining properties for a net price of $44.8 million. Both transactions are subject to capital raising. DXI has received a non-refundable deposit of $5.6 million on the Corval transaction, with settlement anticipated in late August 2025. Settlement of the Exceed Capital transaction is expected by early November 2025 and may be terminated if the Corval transaction does not proceed.
The total sale price reflects a 4.1% discount to an independent valuation as of 30 June 2025. While the divestment is expected to be initially dilutive to Funds from Operations (FFO) due to the relatively high passing yield generated by the BTP assets, the impact after capital expenditure is expected to be broadly neutral. Following completion of both transactions, DXI will be a focused industrial REIT with improved portfolio metrics, including higher occupancy and WALE.
According to DXI Fund Manager, Gordon Korkie, the sale marks a pivotal step in DXI’s evolution. He stated that with a sole focus on industrial assets, DXI is well-positioned to drive long-term growth through targeted reinvestment and development. The divestment of BTP is expected to reduce DXI’s look-through gearing by approximately seven percentage points. DXI will provide FY26 guidance in its upcoming FY25 result, scheduled for release on the Australian Securities Exchange on 13 August 2025.
