Dexus takes stake in Woodside's Perth HQ with $339m deal
Perth.

Dexus takes stake in Woodside's Perth HQ with $339m deal

ASX-listed Dexus, has taken a near half stake in Woodside Energy’s Perth headquarters in a $339 million deal that extends the exposure of country’s biggest owner of CBD towers to the resources boom of Western Australia.

The deal with the tower’s Malaysian-backed developer, AAIG, and its investors gives Dexus a 49 per cent stake in Capital Square Tower 1.

One of three towers in the AAIG’s Capital Square project on the old Emu brewery site, it was built in 2018 to accommodate Woodside Energy’s headquarters. It is fully occupied by the resources giant with a lease expiry of more than 12 years.

The deal reunites Dexus with its former tenant Woodside, which had opted to exit a smaller 40,000 sq m tenancy at the Dexus-owned 240 St Georges Terrace to move to the new tower three years ago.

“This acquisition enhances our portfolio with a high-quality landmarkasset that we have secured at an attractive cash yield.

“This property is appealing for third party capital and will create an opportunity to grow our funds management business in the years ahead,” said Dexus’ chief executive Darren Steinberg.

Under the terms of the deal, a portion of Dexus’s investment will be used by the property’s holding trust as a loan to the co-owner, to be repaid in four years. Dexus’s share in the loan is about $77 million. The acquisition price represents a 5.1 per cent initial passing yield.

It is the second major office Dexus has unveiled in less than week, after it committed to develop $1.4 billion Sydney headquarters for tech giant Atlassian, a distinctively designed, hybrid concrete and timber tower near Central Station.

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