Dexus Industria REIT has sold a portfolio of seven buildings in a Brisbane technology park to Australian real estate asset manager Corval, for A$115m (€64m).
Media reports said Sydney-based Corval would use the Brisbane Technology Park (BTP) assets to launch a new wholesale fund, Corval BTP, and the manager is seeking to raise up to A$73m to fund the purchase
Corval did not respond to a request for comment.
Gordon Korkie, fund manager of the Dexus Industria Trust, said “Brisbane Technology Park’s potential divestment aligns with the trust’s long-term goal to become a pure-play industrial real estate investment trust.
“In line with this strategy, we continue to assess capital redeployment opportunities into higher growth industrial assets located on the east coast of Australia.”
The Dexus-managed trust has owned the asset, first developed in 1987, for more than a decade.
As of 31 December 2024, occupancy of 100% of the BTP asset, excluding development sites, increased to 98.2% and weighted average lease expiry was at 3.3 years, driving 17.6% like-for-like income growth.
The eighth building, representing 30% of the BTP portfolio, is still on the market.
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