Dexus Industrial REIT (DXI) has exchanged contracts to divest its assets at 3 & 4 Forbes Close, Knoxfield, Victoria for AUD22.9 million.

The sale price represents a SGD2.1 million discount to book value at December 2022, and settlement is anticipated in August 2023.

“This divestment brings total sales contracted throughout FY23 to approximately AUD250 million, as we continue to actively position DXI to take advantage of future investment opportunities”, said DXI Fund Manager, Alex Abell.

The proceeds from these sales will initially be utilised to repay debt, reducing look-through gearing by approximately 1 percentage point, said the REIT.

Together with the sale 16-28 Quarry Road, Stapylton announced on 9 June 2023, it represents an average 2% discount to the 31 December 2022 book value.

Dexus Industrial REIT was last done on the ASX at AUD2.74.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.