Dexus Property Group
(ASX:DXS) has sold its 50% interest in the Westfield Whitford City shopping centre for $256.6 million to an affiliate of GIC Real Estate.
The shopping centre is located in Hillary’s, Western Australia about 24 kilometers north-west of Perth.
CEO Victor Hoog Antink says the sale completes the implementation of the group’s strategy to focus on office and industrial properties, and follows on from the disposal of the interest in five shopping centres to Dexus Wholesale Property Fund in 2007.
Dexus says the proceeds to be used to repay debt in the near term, prior to being reinvested in its core markets.
The property group says it expects that the net impact of the transaction will be neutral to earnings in the near term.
Dexus Property Group posted a loss of $1.459 billion in fiscal 09.
