- Property owned by Dexus and CPP Investments
- New owners are Brisbane property investments company Marquette
- The property is in the Golden Triangle of Brisbane
Dexus (ASX: DXS) recently announced the sale of its 10 Eagle Street property in Brisbane to Brisbane company Marquette for $285 million.
The property is located in the centre of Brisbane’s ‘golden triangle’, the beating heart of the state’s financial district, dining and nightlife.
“As a Brisbane-based and focused investment firm we are thrilled to be acquiring one of Australia’s best known office towers.”
Toby Lewis, Marquette Managing Director
34 stories high, the A-grade office was built in 1978, and at the close of 2020, was 92% occupied with a WALE (weighted average leasing expiry) of 2.9 years. Dexus said key customers include AEMO, Wilson Parking, and Accenture.
Dexus jointly owned the property with Canadian Pension Plan Investment Board, also known as CPP Investments, the whole building now going to Marquette for $285 million. Dexus said the “net sale proceeds [will be] used to repay debt”.
The move provided the company with an opportunity to focus on its Waterfront Brisbane project, and that:
“This transaction continues our asset recycling strategy, realising value for both Dexus and our Dexus Office Partner while reducing our exposure to the Brisbane market.”
Ross Du Vernet, Dexus Chief Investment Officer
Marquette’s Mr Lewis also said he is confident of strong returns on the investment.
“Despite the ongoing long-term uncertainty associated with the COVID-19 pandemic, we have enabled more than 150 Australian families to invest in 10 Eagle Street and look forward to delivering strong returns as Brisbane continues to grow as a city and a city to invest in.”
Toby Lewis, Marquette Managing Director
