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September 2018 quarter portfolio update - Dexus

Property Markets / Outlook

Australia

Oct 24 2018

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Dexus today announced a property portfolio operational update for the quarter ended 30 September 2018.

Darren Steinberg, Dexus Chief Executive Officer said: “Strong leasing in Sydney during the first quarter combined with the securing of trading profits from the settlement of 32 Flinders Street, Melbourne have set the group up to achieve our FY19 market guidance of circa 5% growth in distribution per security.”

Highlights

  1. Leased 41,673 square metres1 of office space plus 4,989 square metres1 of office development space, across 52 transactions, with office portfolio occupancy increasing to 96.8%
  2. Leased 57,559 square metres1 of industrial space across 18 transactions, with industrial portfolio occupancy reducing to 97.2% as a result of lease expiries during the period
  3. Reached key milestones across the group’s $4.2 billion development pipeline, including:
  4. Commencing development works at 240 St Georges Terrace, Perth
  5. Replenishing the industrial development pipeline by entering into agreements to acquire three industrial development sites in Melbourne, Sydney and Brisbane with a combined end value of circa $700 million
  6. Secured a prime office development site in the Melbourne CBD through entering into agreements to acquire adjoining properties at 60 and 52 Collins Street which, along with the addition of 140 George Street, Parramatta, increases the pipeline of potential concept opportunities to circa $2.9 billion

Download the full report here.

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