Dexus Industria REIT has sold a portfolio of seven buildings in a Brisbane technology park to Australian real estate asset manager Corval, for A$115m (鈧�64m).
Media reports said Sydney-based Corval would use the Brisbane Technology Park (BTP) assets to launch a new wholesale fund, Corval BTP, and the manager is seeking to raise up to A$73m to fund the purchase
Corval did not respond to a request for comment.
Gordon Korkie, fund manager of the Dexus Industria Trust, said 鈥淏risbane Technology Park鈥檚 potential divestment aligns with the trust鈥檚 long-term goal to become a pure-play industrial real estate investment trust.
鈥淚n line with this strategy, we continue to assess capital redeployment opportunities into higher growth industrial assets located on the east coast of Australia.鈥�
The Dexus-managed trust has owned the asset, first developed in 1987, for more than a decade.
As of 31 December 2024, occupancy of 100% of the BTP asset, excluding development sites, increased to 98.2% and weighted average lease expiry was at 3.3 years, driving 17.6% like-for-like income growth.
The eighth building, representing 30% of the BTP portfolio, is still on the market.
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