Dexus Property Group has unveiled plans to sell off its entire A$325 mln (EUR 248 mln) European portfolio as it struggles to meet debt payments.The Australian group has appointed DTZ to sell its French property portfolio while a selling agent for its German property portfolio is to be appointed soon.
Dexus Property Group has unveiled plans to sell off its entire A$325 mln (EUR 248 mln) European portfolio as it struggles to meet debt payments.The Australian group has appointed DTZ to sell its French property portfolio while a selling agent for its German property portfolio is to be appointed soon.
The company owns 20 logistics assets in the countries worth a total of A$325 mln at end-December 2008. The portfolio contributed $11.6 mln in rents or 4.5% of net property income. Occupancy and lease durations are at 87.7% and 3.3 years respectively.
Since June 2007 Dexus has sold A$1.1 bn of assets in efforts to reduce gearing to 30%. Recently, the firm said it will carry out an institutional placement up to $749 mln of cash which will be used to repay debt.
