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Dexus sells Sydney project to wholesale fund

Dexus sold the North Shore Health Hub development at 12 Frederick St. in Sydney's St Leonards suburb to its Healthcare Wholesale Property Fund.

Stage 1 of the project is currently under development. The project comprises a 16,000-square-meter healthcare facility that is 50% pre-leased ahead of completion.

The Australia-listed property company said it sold the property on a fund-through basis and will continue to manage the development for total revenue of about A$224 million. The fund-through basis transaction is expected to generate between A$18 million and A$22 million of pre-tax trading profits for fiscal years 2020 and 2021. The amount for each financial year will depend on the progress of the property's development and leasing.

Dexus said it retains an exposure to the property through its ownership in Healthcare Wholesale Property Fund.