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.
To read the latest edition of the latest IPE Real Assets magazine click here.
