Dexus on $800m selling spree

By Sarah Danckert and Greg Brown - The Australian

In New Zealand, German pension fund giant Deka Immobilien Investment also picked up the Lumley Centre from Dexus in a deal valuing the prize Auckland property at about $NZ146m ($133m).

Dexus Property Group has set the commercial property markets in Australia and New Zealand alight this week, striking deals to sell about $800 million worth of property.

Capping the flurry of activity, Dexus has just put a Chinese group into due diligence on one of Sydney’s most soughtafter residential development sites, at 201 Elizabeth Street in the CBD.

The Australian group said yesterday that it had exchanged contracts to sell Lumley Centre at a 14. 5 per cent premium, completing it’s exit from offshore markets.

The buyer is expected to convert the tower, co-owned by Dexus and Perron Group, into a $1 billion apartment project.

Read more here: Business Spectator


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