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DEXUS Property Group (ASX:DXS) has settled on the sale of Wacol Industrial Estate and an estate at Balham Road, Archerfield, both in Queensland. The company will used the funds to repay debts.
The two properties were sold to Propertylink for a total consideration of $62.5 million, and are expected to bring a profit of $4.1 million.
DEXUS acquired the 4.8 hectare Wacol site in November 2011 and successfully completed construction of three individual warehouses, substantially leased the estate and transacted the sale within a two year period.
DEXUS CEO Darren Steinberg said: “The sale of Wacol and Archerfield demonstrates our team’s ability to deliver on our value-add or trading opportunities and achieve our FY14 trading profit target.”
In the first half of 2014 financial year, DEXUS Property reported a net profit of $277.2 million.
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