DEXUS Property Group (DEXUS) announces that it has successfully exchanged contracts to sell a trading property located at 79-99 St Hilliers Road, Auburn.
The gross sale proceeds of $65.0 million1 are expected to contribute approximately $25 million pre-tax to FY17 trading profits.
The sale is subject to the purchaser receiving FIRB approval and settlement is expected on 31January 2017.
Ross Du Vernet, DEXUS Chief Investment Officer said: “In 2015 we identified that the property had a higher and better use, being bulky goods. The sale delivers a strong financial outcome for investors and along with the sale of Erskine Park will contribute to FY17 trading profits.”
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