Dexus completes total acquisition of Sydney's MLC Centre
Written on the 1 April 2019 by David Simmons
One of Sydney's most iconic business towers has come under the complete ownership of Dexus (ASX: DXS) today.
The listed real estate group today announced the settlement of the acquisition of the remaining 50 per cent of the MLC Centre it did not already own for $800 million.
Dexus and Dexus Wholesale Property Fund now own 25 per cent each of the remaining 50 per cent of the tower.
The MLC Centre is one of Sydney's landmark towers thanks to its unique architectural design and location in the centre of Martin Place.
The remaining 50 per cent was acquired from The GPT Group, who sold the share at a 3 per cent premium to GPT's valuation of their half of the property.
The building comprises 66,900 square meters of office space, 10,600 square metres of retail space and 308 car parks.
When the acquisition was announced on 12 March 2019 Dexus said the acquisition was based on the benefit the building would see from the new Martin Place Metro Station (due for completion in 2024).
Additionally, Dexus said the company could take advantage of the building being under-leased and new ground floor retail developments in the pipeline.
Read more: Sydney's Top Companies 2019 revealed
Shares in Dexus are down 0.55 per cent to $12.67 per share at 3.19pm AEDT.
Business News Australia
Author: David Simmons