Hard-pressed property giant Dexus has sold off a Brisbane tower for $700 million, taking its office sector divestments past $1.4 billion this week alone as it battles to bolster its funds management and real estate investment business.
In the latest deal, it has sold 480 Queen Street to US fund manager Barings at a 4 per cent discount on the book value recorded at the end of last year. The 32-level tower and its near 57,000 square metres of commercial space was held jointly on the Dexus balance and in its flagship fund, the Dexus Wholesale Property Fund.
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