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Dexus in A$800M deal for remaining 50% stake in Sydney asset

Dexus and Dexus Wholesale Property Fund agreed to pay A$800.0 million in a joint acquisition of the remaining 50% stake in the mixed-use MLC Centre property in Sydney.

The two companies had acquired separate 25% interests in the 19 Martin Place asset in 2017. The remaining stake, which was previously reported to be worth A$726.3 million, is owned by Australian diversified property company GPT Group.

Office landlord Dexus will fund its share of the acquisition using debt. It will also launch an underwritten offering of A$425 million of guaranteed exchangeable notes due June 2026. The notes, which may be exchanged for Dexus securities, are being offered at a coupon of between 2.05% and 2.30% and a fixed exchange price of A$15.05 per Dexus stapled security, subject to adjustments. The final coupon and exchange price will be disclosed March 13.

The class A MLC Centre offers 66,900 square meters of office space, 10,600 square meters of retail space and 308 car parking spaces.

Dexus was advised by Jones Lang LaSalle on the deal.

Citigroup Global Markets Australia Pty. Ltd., J.P. Morgan Securities PLC and Merrill Lynch Equities (Australia) Ltd. are the joint lead managers and underwriters of the notes issuance.