Dexus completes $2B divestment target early
· Dexus has exchanged contracts to sell three office properties in Sydney and Brisbane for $715 million.
· The total sales value reached $715 million, matching independent valuations and bringing total divestments to $2 billion ahead of FY27.
· Dexus plans to deploy the proceeds to improve its capital position and lower look-through gearing by around 2 percentage points.
Dexus (ASX:DXS) signed agreements to sell three office properties for $715 million, completing its $2 billion divestment target ahead of its FY27 timeline.
The $715 million valuation aligns with the company’s independent property appraisals from June 30 and reflects a 4% discount to its book value from Dec. 31, 2025.
"Today’s announcement demonstrates our disciplined approach to capital management and meeting commitments to security holders," said Dexus Group CEO and Managing Director Ross Du Vernet.
Settlement is set for October, subject to FIRB approval, with 67% of proceeds payable at settlement and the remaining 33% deferred for 30 months at a 6.25% annual coupon.
Following the announcement, the Dexus share price was up at $5.70.
The proceeds from the settlement will reduce the property manager’s pro-forma look-through gearing ratio by approximately 2 percentage points.
The portfolio divestment includes A-grade and heritage office towers in the Sydney CBD alongside a premium office tower in the Brisbane CBD.
