Dexus banking c$1.7b from offices

Dexus paid $327.5 million for 100-130 Harris Street, Pyrmont, in 2017.

Dexus is selling six office investments for a speculated total of close to $1.7 billion.

Four of the assets – in Sydney, Pyrmont and Parramatta – formed part of a portfolio listed mid-year.

Two other properties, at North Sydney and Brisbane, were offered separately.

Dexus is not commenting on the deals, different elements of which are being reported by The Australian and AFR.

Charter Hall is purchasing 383 Kent Street.

Proceeds will be tipped into the development of investments around Sydney’s Central train station including Atlassian’s $1.4 billion headquarters and neighbouring offices, part of a $2.5b project, Central Place, proposed in partnership with Frasers Property Australia.

‘Sydney portfolio’

In Sydney’s CBD – Dexus is selling 383 Kent Street for c$410 million to Charter Hall, which holds neighbouring properties.

AsheMorgan, meanwhile, is picking up a half stake of a two tower complex, 309-321 Kent St (pictured, top), for $405m.

In Pyrmont, Goldman Sachs is reported to be paying c$180m for a 50 per cent interest in a woolstore converted office at 100-130 Harris St.

Dexus will hold onto the balance of these two assets, retaining management of 309-321 Kent St (story continues below).

The fourth property in the so called ‘Sydney portfolio’, a Parramatta office at 130 George St, has also found a buyer – though it is as yet undisclosed.

The price is unknown too but the building carried a June, 2021 book value of $187m.

Separate sales

Separate to the portfolio, Dexus and the Canada Pension Plan Investment Board are reported to be selling 201 Miller St, North Sydney, for c$154m.

Each party owned an equal stake in this property.

The final office, 12 Creek St, Brisbane, is trading to Arrow Capital Partners for $420m.

Dexus held half the asset with the balance controlled by a fund it managed.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of