Dexus sells out of Brisbane business park
Exceed Capital has snapped up two warehouses at Eight Mile Plains’ Brisbane Technology Park, or BTPnext.
With the $44.8 million deal, seller Dexus, on behalf of the Industria REIT (DXI), has sold out of the industrial estate.
Last month we reported Corval acquired the 11 balance buildings for a net $110.7m – a yield of over 10 per cent.
“The $155.5m total sale price reflects a 4.1pc discount to an independent valuation as at June 30, 2025,” a Dexus statement said.
“The divestment is expected to initially be dilutive to Funds from Operations (FFO) due to the relatively high passing yield generated by the BTP assets,” they added.
“Following expected completion…DXI will be a focused industrial REIT with improved portfolio metrics including higher occupancy and weighted average lease expiry,” according to the group.
“Together with the recently announced Glendenning acquisition, these transactions increase DXI’s weighting toward high-quality, well located growth-oriented industrial assets.
“The divestment of BTP is expected to reduce DXI’s look-through gearing by approximately seven percentage points.
“Combined with the Glendenning acquisition, gearing is expected to reduce by approximately five percentage points – allowing DXI to maintain reinvestment capacity, while remaining below the target gearing range of 30-40pc”.
CBRE’s Jack Morrison and Peter Chapple with MP Commercial’s Peter Court and Mike Walsh were the agents.
Also this week, Exceed acquired government backed assets – the Bundaberg Community Health Centre and a Newcastle office.
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