Dexus Unloads US Industrial RE In $770M Blackstone Deal

Law360, New York (April 16, 2012, 4:24 PM EDT) -- Australia-based Dexus Property Group announced Monday that it has sold off the bulk of its U.S. industrial office portfolio to a unit of The Blackstone Group LP for $770 million and is planning a $200 million share buy-back.

Dexus sold off 65 properties in its central U.S. portfolio, which recently suffered losses due to an unfavorable Australian-to-U.S. dollar rate exchange, to affiliates of Blackstone Real Estate Partners VII. The company said it would use the proceeds to repay debt, as well as fund the securities buy-back,...
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