A fund managed by Australian real assets manager Dexus has sold a 40,000sqft industrial asset in Sydney’s northern suburbs, to Wentworth Capital for A$152.1m (€85.4m).
The Rydalmere Metro Centre, comprising a mix of office and warehouses, was sold above book value and is the latest in a number of divestments by the A$12.9bn Dexus Wholesale Property Fund (DWPF), to meet redemption requests.
The asset has been held by the group’s flagship fund for more than a decade.
A spokesperson for DWPF said: “The asset was divested in line with our strategy to recycle capital from older, office-heavy industrial properties into modern, purpose-built developments.”
To read the latest IPE Real Assets magazine click here.
