The Dexus Property’s US$770 million sale of part of its U.S. industrial portfolio to private equity giant blackstone could spell the end of the group’s dalliance in the American market and the ASX-listed developer has entered a binding agreement to sell 65 properties to the three under lease to Whirlpool, to affiliates of Blackstone’s Real Estate Partners VII for the deal is expected to settle by mid-June.
And the move is part of a push by Dexus’s new Chief Executive Darren Steinberg to concentrate on the group’s US$533 million U.S. Westcoast properties are located mostly around the Los Angeles area and account for around 8% of total group assets to the commonwealth bank of australia senior analyst David Lloyd expects the group to pull out of the U.S. completely over the next year and use the funds to concentrate more on the domestic office and industrial property market will be more proceeds to come back to the company over the next 12 months that could fund more domestic acquisitions he said.
And the move is part of a push by Dexus’s new Chief Executive Darren Steinberg to concentrate on the group’s US$533 million U.S. Westcoast properties are located mostly around the Los Angeles area and account for around 8% of total group assets to the commonwealth bank of australia senior analyst David Lloyd expects the group to pull out of the U.S. completely over the next year and use the funds to concentrate more on the domestic office and industrial property market will be more proceeds to come back to the company over the next 12 months that could fund more domestic acquisitions he said.
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