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Dexus Announces Higher Market Rents Contribute to Valuation Uplift

Dexus today announced that 99 of its 103 assets, comprising 44 office and 55 industrial properties have been externally valued as at 30 June 2018.

The external independent valuations have resulted in a total estimated $408 million or circa 3% increase on prior book values for the six months to 30 June 2018. As a result of these valuations, Dexus’s net tangible assets per security is expected to increase by circa 40 cents.

Taking into account the valuation uplifts booked up to December 2017, this has resulted in an estimated $1.13 billion or 9.3% increase on prior book values for the 12 months to 30 June 2018.

Darren Steinberg, CEO of Dexus said: “It is pleasing to see higher market rents being reflected in our latest round of valuations across many of our assets. In addition, valuers have taken into account recent transactions where there has been no softening in the underlying investment demand for good quality office and industrial properties which continue to attract a variety of domestic and offshore buyers.”

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