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DGAP-Adhoc: Dexus Finance Pty Limited: $656 million uplift from independent valuations

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DJ DGAP-Adhoc: Dexus Finance Pty Limited: $656 million uplift from independent valuations



DGAP-Ad-hoc: Dexus Finance Pty Limited / Key word(s): Preliminary
Results/Real Estate
Dexus Finance Pty Limited: $656 million uplift from independent valuations

13-Dec-2019 / 06:07 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

*Dexus (ASX: DXS)*

*ASX release*

*13 December 2019 *

*$656 million uplift from independent valuations*

Dexus today announced that 109 of its 118 assets, comprising 43 office
properties and 66 industrial properties were externally valued to 31
December 2019.

The external independent valuations completed have resulted in a total
estimated $656 million or circa 4% increase on prior book values for the six
months to 31 December 2019. As a result of these valuations Dexus's net
tangible asset backing (NTA) per security is expected to increase by 60
cents.

Darren Steinberg, CEO of Dexus said: "Investment demand for quality office
and industrial properties combined with a lower for longer interest rate
environment continue to flow through to the capital values of our
properties."

The weighted average capitalisation rate across the total portfolio
tightened 17 basis points over the past six months to 5.09%. The weighted
average capitalisation rate of the office portfolio tightened 17 basis
points from 5.15% at 30 June 2019 to 4.98% at 31 December 2019 and the
industrial portfolio weighted average capitalisation rate tightened 14 basis
points from 5.92% to 5.78%.

The majority of the office portfolio valuation uplift was driven primarily
by capitalisation rate compression and market rent growth. One Farrer Place
in Sydney increased in value by $90.2 million due to market rent increases
and a 28 basis point tightening in the property's capitalisation rate. The
MLC Centre in Sydney increased by $52.7 million driven by leasing success
and 23 basis points of capitalisation rate tightening. 44 Market Street in
Sydney increased $34.5 million following completion of the retail
redevelopment, an uplift in market rents and a 12.5 basis point tightening
in the property's capitalisation rate.

Valuation increases across the industrial portfolio were driven by continued
capitalisation rate compression at properties across key Eastern seaboard
markets supported by an increase in transactional evidence.

Darren Steinberg said: "We've seen a significant increase in enquiries both
from domestic and offshore investors seeking to invest directly in office
and industrial properties through our funds management business. This
increased interest is partly a function of the relative pricing at an
attractive spread to bonds and rent growth prospects in Australia compared
to global cities. As a result, we expect to see further valuation increases
over the next six to 12 months."

Details relating to specific individual property valuations will be
available in Dexus's 2020 half year results which will be released on
Thursday, 6 February 2020.

_Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus
Funds Management Limited._

*For further information please contact:*

*Investors & Media*
David Yates
Executive General Manager, Investor Relations, Communications &
Sustainability
+61 2 9017 1424
+61 418 861 047
david.yates@dexus.com
Information and Explanation of the Issuer to this News:

*About Dexus*

Dexus is one of Australia's leading real estate groups, proudly managing a
high quality Australian property portfolio valued at $31.8 billion. We
believe that the strength and quality of our relationships is central to our
success, and are deeply committed to working with our customers to provide
spaces that engage and inspire. We invest only in Australia, and directly
own $15.6 billion of office and industrial properties. We manage a further
$16.2 billion of office, retail, industrial and healthcare properties for
third party clients. The group's circa $8.7 billion development and concept
pipeline provides the opportunity to grow both portfolios and enhance future
returns. With 1.7 million square metres of office workspace across 53
properties, we are Australia's preferred office partner. Dexus is a Top 50
entity by market capitalisation listed on the Australian Securities Exchange
(trading code: DXS) and is supported by 26,000 investors from 19 countries.
With 35 years of expertise in property investment, development and asset
management, we have a proven track record in capital and risk management,
providing service excellence to tenants and delivering superior
risk-adjusted returns for investors. www.dexus.com

*Download the Dexus IR app*
Download the Dexus IR app to your preferred mobile device to gain instant
access to the latest stock price, ASX Announcements, presentations, reports,
webcasts and more.

13-Dec-2019 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Dexus Finance Pty Limited
264 George Street
2193 Sydney
Australia
Phone: +61 2 9017 1100
Fax: +61 2 9017 1101
E-mail: ir@dexus.com
Internet: www.dexus.com
ISIN: XS1961891220
WKN: A2RZHG
Listed: Regulated Unofficial Market in Frankfurt
EQS News ID: 935507

End of Announcement DGAP News Service

935507 13-Dec-2019 CET/CEST



(END) Dow Jones Newswires

December 13, 2019 00:08 ET ( 05:08 GMT)
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