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Dexus Property Group (ASX:DXS) has sold the majority of its United States industrial portfolio for $US561 million as part of its strategy to completely exit the US market by April next year.
The property investor says the sale of 26 of its 27 American properties was achieved at a significant premium to their book value.
Dexus is poised to realise a profit of $US11 million from the transaction, and has confirmed its 2013 full-year funds from operations guidance.
CEO Darren Steinberg says while the sale is expected to have a neutral impact on earnings in 2014, the quality of Dexus’ earnings has significantly improved as the company reallocates proceeds from offshore property sales to core Australian properties.
Mr Steinberg believes Dexus continues to have significant access to deal flow in its core Australian CBD office markets.
DEXUS Property Group generated a net profit of $183 million in the 2012 financial year.
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