DEXUS entered into a conditional sale agreement to sell the Waymouth Street 11 property in Adelaide, Australia.
The company, which holds a 50% stake in the property's owner, Dexus Office Partnership, is expecting to register gross proceeds worth A$202.5 million from the divestment, which reflects a slight premium to the property's book value as of June 30. Its sale is expected to be settled in the first quarter of 2018, after the buyer receives approval from the Foreign Investment Review Board.
According to Dexus, the sale is line with its strategy of focusing on Sydney, Melbourne, Brisbane and Perth's core office markets. It follows the partnership's sales of the assets at 36 George St. in Burwood for A$95 million and at 46 Colin St. in West Perth. Dexus Office also grossed A$86.5 million from the sale of North Terrace 108 in Adelaide in 2016.