Dexus (ASX:DXS) share price flat despite pocketing $694 million from property sale // Motley Fool Australia

The Dexus Property Group (ASX: DXS) share price rose marginally higher today after the company announced the sale of its Grosvenor Place in Sydney. Dexus shares closed the day up 0.31% at $9.85 per share.

What did Dexus announce today?

Dexus advised that it has conditionally exchanged contracts to sell a 50% stake in Grosvenor Place, Sydney. Its 50% claim in the building comprises a split ownership by Dexus and Dexus Office Partnership, which Dexus also holds a 50% interest in.

Grosvenor Place is a 44-level office tower that contains a ground floor retail, built in 1988. The property has a leasehold with 78 years remaining. At the end of the financial year, occupancy rates were recorded at 89% with a weighted average lease expiry…