Dexus sells business park for $209m

Dexus has exchanged contracts to sell Axxess Corporate Park, a business park in Mount Waverley, Victoria, for A$306.2 million ($209.43 million).

The release did not disclose the new owner; however, The Australian reported it to be the A$1 billion ($680 million) partnership between Gateway Capital and Cadillac Fairview's newly created Australian venture, Gateway Capital Urban Logistics Partnership.

Axxess Corporate Park is located in Mount Waverley’s high-tech office and warehouse precinct, and the property comprises a 19.6-hectare (48-acre) estate with further development options for last-mile facilities. Other amenities include two on-site cafes and a childcare center.

This transaction brings total divestments by Dexus announced during fiscal year 2023 to date to approximately A$1.5 billion ($1.03 billion). Recently, it sold an office in Sydney for A$393.1 millio