Dexus Convenience Retail REIT divests assets for $8M

Dexus Convenience Retail REIT (ASX:DXC) exchanged contracts for the divestment of three regional property assets, fetching a combined sale price of $8 million.

The transactions achieve an average 1.4% premium relative to the portfolio’s Dec. 31, 2025 book value.

The properties earmarked for sale span across Western Australia and Queensland. Settlement for the first asset, located at 1 Wishart Street in Gwelup, WA, is slated for completion in mid-July 2026.

The remaining two properties, situated at 1 Flinders Street in Monto, QLD, and 74 Connor Street in Zilzie, QLD, are expected to finalise settlement shortly thereafter in mid-August 2026.

According to DXC Fund Manager Pat De Maria, the successful exchange underscores sustained market appetite for quality retail infrastructure.

"These divestments reflect the continued strength in demand for convenience retail assets that offer stable and defensive income, with pricing achieved reinforcing the value of our portfolio," De Maria stated.

The real estate investment trust intends to recycle the capital generated from the sales back into its own capital management initiatives.

Management noted a deliberate focus on shedding smaller regional holdings and properties encumbered by ageing tank infrastructure.

"We remain disciplined in divesting smaller assets and sites with older tank technology to improve portfolio quality," De Maria added, confirming that net proceeds will be actively redeployed into DXC’s ongoing on-market security buyback programme.

At the time of reporting, Dexus Convenience Retail REIT’s share price was $2.67.