Dexus shares fall on $383m asset sell off
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The news: Shares in Dexus tumbled at market open on the ASX after the property investor announced the sale of three assets for a combined price of $383.2 million.
The numbers: Dexus shares were down 3.6% to $6.52 by 10:35am AEST.
The three sales include Dexus Office Partnership's 50% interest in 5 Martin Place, Sydney, for $296.2 million, in which Dexus' 25% share represents $148.1 million. The sale is expected to be completed by Friday.
Dexus has also sold 130 George Street, Parramatta, for $69.1 million, and 18 Motorway Circuit, Ormeau, for $17.9 million.
The context: Dexus, which saw shares dip last week after the company wrote down the valuations of its office assets, said the sale proceeds will initially be used to repay debt.
The company noted that the three divestments continue its asset recycling initiatives, with further market updates expected as transactions materialise.
The source: ASX announcement
