DEXUS Property Group (ASX:DXS) has sold five of its European industrial properties for $21.3 million.
The property developer has just one European property remaining after the sale, an industrial distribution facility in Berlin currently being marketed for sale.
CEO Darren Steinberg says the sale of the majority of the company’s European portfolio delivers on its strategic objective of divesting out of its non-core offshore markets to concentrate on Australian CBD office markets.
The sale follows the divestment of Dexus’s final US industrial property last month.
Dexus intends to use the proceeds from the five sold properties to repay debt.
Dexus Property Group made a net profit of $267 million in the first half of fiscal 2013.
DXS Price at posting:
$1.21 Sentiment: None Disclosure: Held
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