Dexus Industria REIT has sold a logistics asset in Queensland for A$66.9m (€42m) as part of the Australian trust’s asset recycling programme.

The property, located at Stapylton, a Brisbane suburb, was sold to an unnamed global institutional investor.

Dexus said the sale was consistent with its strategy of leveraging the Dexus platform to generate “superior” risk-adjusted returns.

The sale would reduce the trust’s gearing by around 3% from 29.5%.

Alex Abell, Dexus Industria REIT’s fund manager, said that in the past eight months it had contracted to sell approximately A$230m of assets.

Proceeds from the asset recycling would initially be utilised to repay debt, and in due course would be deployed into higher-returning opportunities.

The company said lowering its gearing would create additional balance sheet flexibility to pursue future opportunities, including developing land interests owned by the trust in Sydney and Perth.

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