Dexus Industria REIT has entered into option agreements to divest its final business park assets at Brisbane Technology Park (BTP) in Eight Mile Plains, just south of Brisbane. The total net price for the divestment is $155.5 million. Dexus Industria REIT is a real estate investment trust focused on industrial properties. The company aims to provide investors with stable income and long-term capital growth through its portfolio of industrial assets.
The divestment is structured across two separate transactions. Corval has entered into an agreement to acquire 11 of the 13 properties for a net price of $110.7 million. Exceed Capital is set to acquire the remaining properties for a net price of $44.8 million. The total sale price reflects a 4.1 per cent discount to an independent valuation as at June 30.
According to Dexus, following the expected completion of both transactions, Dexus Industria REIT will be a focused industrial REIT with improved portfolio metrics, including higher occupancy and a longer weighted average lease expiry (WALE). Dexus fund manager Gordon Korkie stated that this sale marks a pivotal step in DXI’s evolution.
Korkie added that with a sole focus on industrial assets, Dexus is well-positioned to drive long-term growth and resilience through targeted reinvestment and development. Dexus Industria REIT’s balance sheet is well-positioned to fund its existing development pipeline and redeploy capital into higher-growth industrial opportunities, such as the recently announced acquisition of Glendenning, aligned with their long-term strategy.
