Australia's Dexus agrees to sell Brisbane office tower for $487 million
Australia's Dexus agrees to sell Brisbane office tower for $487 million July 30 (Reuters) - Australian property group Dexus DXS.AX said on Thursday it had agreed to sell the 480 Queen Street office tower in Brisbane for A$700 million ($487.20 million), in a deal aimed at cutting debt and freeing up capital for other investments.
Here are some details:
The property, owned equally by Dexus and Dexus Wholesale Property Fund, has a net sale price of A$657.3 million.
Dexus Chief Executive Ross Du Vernet said the transaction would release capital to help fund higher-return initiatives.
The sale is subject to approval from Australia's Foreign Investment Review Board and is otherwise unconditional.
Dexus said it expects to receive about A$259 million when the deal closes on December 1, with a further A$70 million to be paid in June 2028.
($1 = 1.4368 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru; Editing by Subhranshu Sahu)
((Roshan.Thomas@thomsonreuters.com;))
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