Image – The Property Tribune.
  • 124 of its 189 assets were reviewed externally
  • Portfolio has risen by about $421M
  • Industrial portfolio led the way

Listed real estate investment trust Dexus has announced an increase in the value of its portfolio as a result of an external independent valuation.

124 of its 189 assets were reviewed, with an estimated total increase of 2.4% – around $421 million – compared to the previous six months.

It should be noted Dexus’s 189 assets includes Jandakot Airport which comprises 51 assets. Their entire property portfolio is valued at $42.5 billion, with over 30,000 investors across 23 countries.

Dexus CEO Darren Steinberg said the valuation highlight the robustness of the company’s portfolio despite the pandemic.

“We have continued to see growth in asset values for well-located industrial and logistics facilities, supported by strong investment demand,” said Mr Steinberg.

“We anticipate the post-lockdown environment will continue to see global capital attracted to Australia, benefiting quality assets across the core property sectors.”

Darren Steinberg, Dexus CEO

Due to recent leasing success, the office portfolio increased by 0.6% compared to previous book values. The industrial portfolio increased 8.7% with cap rates tightening due to the demand for high-quality industrial property.

Across the total portfolio, the weighted average capitalisation rate tightened by about 15 basis points from 4.91% at the end of June, to 4.76% at December 2021.

For the office portfolio, this tightened from 4.91% to 4.85% with the industrial portfolio tightening from 4.92% to 4.42%.

The valuations of individual properties will be available in Dexus’s 2022 half-year results for the 2021-22 financial year, due to be released on Tuesday the 15 February.

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