Dexus will be forced to relinquish a half-stake in Sydney’s Macquarie Centre shopping mall, valued at $830 million, after a court sided with superannuation giants and forced the ASX-listed landlord to sell.
Dexus has been in dispute with UniSuper and Cbus Property for control of the asset, one of the city’s largest retail precincts, and had appealed to the Supreme Court of NSW to keep its share of the property. The two industry super funds had accused Dexus of inadvertently breaching a pre-existing agreement when it acquired its half-stake in the $1.7 billion mall.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.