DEXUS Property Group today announced the completion of the sale of its US central portfolio to affiliates of Blackstone Real Estate Partners VII for $770 million. The transaction is the largest single industrial real estate portfolio sale in the US in 2012.

The central portfolio consisted of 65 industrial properties and included three recently completed large Class A distribution facilities leased to Whirlpool Corporation.

DEXUS Property Group CEO Darren Steinberg said, “The settlement of the central portfolio is a good result and allows our US team to focus on the remaining west coast portfolio and to leverage our local industrial real estate management and development expertise going forward.

“Since being established in June 2010, DEXUS’s US team has assumed direct asset management control of the west coast portfolio and taken an active role in leasing and managing the central portfolio. This active approach resulted in the significant improvement in occupancy of the central portfolio from 79% to 90% prior to its sale.”

The residual investment, representing approximately 7% of total Group assets, is a high quality portfolio concentrated in the west coast markets. These are highly attractive markets, with high levels of demand from tenants, strong market fundamentals and good revenue prospects.

As a consequence of the restructure announced on 7 May 2012, Jane Lloyd has left the Group and Bruce McDonald has assumed the role of Managing Director, US Investments.

DEXUS now owns and manages 24 US industrial properties totalling more than 6.8 million square feet and valued at approximately $550 million. DEXUS also manages properties valued at approximately $200 million on behalf of US third party clients.

The Los Angeles office of Eastdil Secured represented DEXUS in the transaction.

About DEXUS

DEXUS is one of Australia’s leading property groups specialising in world-class office, industrial and retail properties with total assets under management of $13 billion. In Australia, DEXUS is the market leader in office and industrial and, on behalf of third party clients, a leading manager and developer of shopping centres. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability. www.dexus.com

DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS Property Group (ASX: DXS)

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