Dexus offloads Brisbane CBD tower for $285 million

Dexus offloads Brisbane CBD tower for $285 million

10 Eagle Street (right) has been sold for $285m (Image: Wikimedia Commons).

An office tower at 10 Eagle Street, Brisbane, has been sold by Dexus (ASX: DXS) for $285 million, with proceeds from the deal going towards debt repayments. 

Located in Brisbane's "Golden Triangle", the 34-level, 27,000sqm office tower was 92 per cent occupied at 31 December 2020.

The building was sold to Brisbane-based property investment manager Marquette, and houses tenants including AEMO, Wilson Parking and Accenture.

"This transaction continues our asset recycling strategy, realising value for both Dexus and our Dexus Office Partner while reducing our exposure to the Brisbane market," Dexus chief investment officer Ross Du Vernet said.

"It also provides us with an excellent opportunity to focus on our leasing, asset management and development capabilities on advancing our city-shaping development project at Waterfront Brisbane."

Marquette managing director Toby Lewis said he was "thrilled" to purchase the CBD-based tower, with the building joining the property group's portfolio worth more than $450 million.

"We are acquiring a great asset with an excellent tenancy profile due to Dexus's best-in-class management," Lewis said.

"Despite the ongoing long-term uncertainty associated with the COVID-19 pandemic, we have enabled more than 150 families to invest in 10 Eagle Street and look forward to delivering strong returns as Brisbane continues to grow as a city and a city to invest in."

10 Eagle Street joins Marquette's suite of Queensland-based investments including an office tower on Edward Street in the Brisbane CBD, the Caloundra Marketplace, and Pacific Square in Mermaid Beach on the Gold Coast. 

Shares in DXS are up 1.98 per cent to $9.79 per share at 10.34am AEDT.

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