By Lewis Jackson and Rishav Chatterjee SYDNEY (Reuters) - Australian real estate firm Dexus said on Friday it had sold an office building in downtown ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSSYDNEY - Australian real estate firm Dexus said on Friday it had sold an office building in downtown Sydney, with the buyer receiving a 16% discount on a 2022 valuation as higher interest rates and home working crunch prices for office space.
The property industry globally, and office building owners in particular, are struggling as working from home and e-commerce lead tenants to reconsider floor space just as higher interest rates reduce building values and raise debt servicing costs. Quintessential Equity, an Australian property developer and investor, announced itself as the buyer on its website without elaborating. Dexus will own a A$50 million stake in the trust that will hold the property, it said in a statement.
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