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Dexus-CPPIB partnership settles sale of Adelaide office asset

Dexus Office Partnership, a 50/50 partnership between Dexus and the Canada Pension Plan Investment Board, wrapped up the divestment of its office property at 11 Waymouth St. in Adelaide, Australia, March 21.

In a news release, Dexus said it will use the proceeds from the sale, earlier estimated to be about A$202.5 million, to reduce its existing debt facilities.

The buyer of the property, according to a Dec. 22 report by IPE Real Assets, is Mapletree Investments Pte. Ltd., the real estate arm of Singaporean investor Temasek Holdings Pte. Ltd.