Dexus (ASX:DXS) lost its appeal against Macquarie Group's Macquarie Retail's pre-emption rights to acquire the company's full stake in Macquarie Shopping Center, according to a Friday statement by the New South Wales Court of Appeal.
Under the ruling, Dexus has to sell its 50% share in the shopping center to Macquarie Retail for AU$830 million.
The litigation involved Macquarie's claim that Dexus breached the owners' agreement in its acquisition of the asset.
Dexus did not immediately respond to an email request for comment from MT Newswires.
Dexus's shares slid 1% and Macquarie Group's shares dropped 3% in recent trade.
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