Dexus (ASX:DXS) agreed to sell two office properties for a combined price of AU$443.2 million, AU$336.3 million of which represents its ownership interest, according to a Thursday filing with the Australian bourse.
The Queensland property was sold for AU$213.9 million by the Dexus Office Partnership, where the company has a 50% leasehold ownership interest, with settlement expected in December, the filing said. The New South Wales property was sold for AU$229.3 million, with settlement expected in early 2025.
The proceeds would decrease the company's pro forma look-through gearing by 1.5 percentage points and contribute to its planned AU$2 billion divestments for fiscal 2025 to 2027, according to the filing.
Shares of the real estate investment trust rose more than 1% in morning trade Thursday.
Price (AUD): $7.08, Change: $+0.09, Percent Change: +1.29%
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