Dexus sheds seven servos
Dexus will bank $32.8 million selling seven Queensland service station from the Convenience Retail REIT (DXC), control of which it took over with its 2021 buyout of APN.
Six, leased to Puma owner Chevron, are at:
- 49 Tolga Road, Atherton (valued last June at $2.1m)
- 22 Nicholson Street, Banana ($5.57m)
- 900 Ingham Rd, Bohle ($7.1m)
- 2 Mulgrave St, Gin Gin ($4.7m)
- 921 Nambour Connection Rd, Nambour ($1.6m)
- 102-104 Cook St, Portsmith ($6.9m)
Another, 708 Gympie Rd, Lawnton, is occupied by Viva Energy.
Cushman & Wakefield’s Daniel Wolman and Dan Cullinane were the agents.
Fund sell-down
Six of the just divested properties are selling to one buyer – Amplify Funds Management for its Fuel and Convenience Trust.
With the deals, the trust has divested service stations worth $38.8m this financial year (story continues below).
The blended result reflects a 1.8pc discount to book value.
“It is pleasing to finalise additional asset sales on attractive price terms as we further curate the portfolio,” DXC fund manager, Jason Weate, said.
“Total year-to-date asset sales reduce pro forma gearing by 360 basis points, supporting capital redeployment into our Glass House Mountains redevelopment which is expected to commence in early 2025,” according to the executive.
“Barring unforeseen circumstances, DXC reiterates its FY25 guidance for Funds From Operations and distributions of 20.6 cents per security,” he added.
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