News: DXS UPDATE 1-Australia's Dexus to sell business park in Victoria for $209 mln

(Updates with details on sale in paragraphs 3 and 4, background in paragraph 5)

June 15 (Reuters) - Australian real estate firm Dexus (DXS) said on Thursday it has exchanged contracts to sell Axxess Corporate Park, a business park in Mount Waverley, Victoria, at a 7.4% premium to an independent property valuation conducted in December.

Dexus will realise proceeds of A$306.2 million (about $209 million) from the sale, it said.

Alongside the sale of one of its premium office buildings in Sydney's central business district for A$393.1 million, the combined sale proceeds represent an average of about 8% discount to the independent valuations, it said.

The sale of the business park brings total divestment announced during the fiscal year to date to A$1.5 billion, the company said.

Commercial property developers globally are facing a challenge as markets revalue the prices of assets in a slowing economy while offices extend the pandemic-driven remote work policy.

($1 = 1.4661 Australian dollars)