Dexus hit by $1bn drop in asset valuation
Dexus has reported a total estimated decrease in asset valuation of approximately $1 billion, or 6%, on prior book values for the six months to 30 June, with the value of office portfolio falling 7.7% and the industrial portfolio being down 0.2%.
The external independent valuations looked at 175 of Dexus’ 182 assets and comprised 32 office and 143 industrial properties.
In the announcement made to the Australian Securities Exchange (ASX), the firm’s chief executive, Darren Steinberg said the drop in the value of Dexus’ office portfolio was driven by higher capitalisation rates and discount rates, partially offset by market rental growth.
“We expect well-located quality assets to continue to outperform secondary assets and locations against an uncertain macroeconomic backdrop,” he said.
Earlier this month, Charter Hall also announced a net valuation drop of assets which stood at -$1.9 billion.
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