News: DXS UPDATE 1-Australian real estate firm Dexus to sell three assets for $255 mln

(Adds share moves in paragraph 2, details in paragraphs 3-6)

June 27 (Reuters) - Australian real estate firm Dexus (DXS) said on Thursday it would sell three assets, including its 25% stake in Sydney office building 5 Martin Place, for combined proceeds of A$383.2 million ($254.67 million).

Shares of the company fell as much as 4.1% and were on track for their worst day since Oct. 25, 2023.

Dexus said its 25% interest in 5 Martin Place was valued A$148.1 million. The stake is part of a 50% holding jointly held with Canada Pension Plan Investment Board, according to local media reports.

The property is a premium grade office building with a weighted average lease expiry of 2.9 years and occupancy of 97%, as of May 31.

Dexus said it would use the proceeds initially to repay its debt.

Last week, the company flagged a decline in the book value of its portfolio for the six months to June-end, indicating an acceleration in the downturn in office real estate.

($1 = 1.5047 Australian dollars)