Dexus and Dexus Wholesale Property Fund (“DWPF”) today announced that they have entered into an agreement to jointly acquire the remaining 50% interest in the MLC Centre, 19 Martin Place, Sydney1. Dexus and DWPF will each acquire an additional 25% interest in the property for a total price of
A$800.0 million2.
The MLC Centre is a quality A-grade property comprising 66,900 square metres of office space, 10,600 square metres of retail space and 308 car spaces. Since Dexus and DWPF acquired their initial interest in the MLC Centre in July 2017, 15,763 square metres of space has been leased3 across the property at average face re-leasing spreads of 29.8% and average incentives of 13.8%. The property has achieved an unlevered total property return4 of 11.37% per annum since acquisition.
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