Australia-listed REIT, Dexus, has conditionally exchanged contracts to sell 45 Clarence Street, Sydney.

The sale will realise net proceeds of AUD530 million (USD365 million), which is consistent with the property’s book value at 31 December 2019, said the REIT.

45 Clarence Street is a 28-level, Grade A office tower across 32,000 square metres, located in the western corridor of Sydney’s financial district and was built in 1990.

At 31 December 2019, the property was 100% occupied and had a weighted average lease expiry (WALE) of 3.3 years.

The sale was concluded following the receipt of an off-market unsolicited offer from Peakstone, a Singapore headquartered manager of Asian capital, and is subject to the purchaser receiving FIRB approval.

The net sale proceeds will initially be used to repay debt.