March 12, 2019 / 8:41 AM / 4 months ago

Australia's Dexus buying remaining stake in Sydney skyscraper for $565 million

(Reuters) - Australian real estate developer Dexus said on Tuesday that together with an associate property fund it will buy for A$800 million ($565.28 million) the remaining half of Sydney’s MLC Centre that it does not already own.

Dexus and Dexus Wholesale Property Fund will each buy a 25 percent stake in the Sydney skyscraper, with Dexus funding its share of the deal through debt and a fully underwritten offering of A$425 million guaranteed exchangeable notes.

MLC Centre is jointly owned by Dexus and GPT Group, according to its website. In January, GPT said it would divest its 50 percent stake in MLC.

Dexus also said the acquisition will not impact distributions over the 2019 financial year, and that the company maintains its distribution guidance per security growth of 5 percent.

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Muralikumar Anantharaman

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