Dexus stake in Westfield Whitford sold to affiliate of Singapore’s GIC

December 30, 2009
Singapore Democrats

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Lyndal McFarland
Dow Jones Newswire

Dexus Property Group today said it has sold its half-stake in the Westfield Whitford shopping centre in Western Australia to an affiliate of Singapore’s GIC Real Estate for $256.5 million.

Chief executive Victor Hoog Antink said in a statement: “This sale completes the implementation of the group’s strategy to focus on office and industrial properties and follows on from the disposal of the interest in five shopping centres to the Dexus Wholesale Property Fund in 2007.”

The proceeds from the sale will be used to repay debt in the near term, the company said.

The sale price reflects an average passing yield of 6.95 per cent and the transaction represents the first sale of a regional shopping centre holding since June, 2007, Dexus said.

http://www.theaustralian.com.au/business/property/dexus-stake-in-westfield-whitford-sold-to-affiliate-of-singapores-gic/story-e6frg9gx-1225814792075