More than $1 billion-worth of commercial real estate deals, including a half stake in Sydney's tallest building, have been transacted by Dexus and its wholesale property fund with an underwritten capital raising in full swing to raise $500 million.

The deals, which saw competition from private equity giant Blackstone, reflect the heat in the market for trophy assets and how yields on commercial property have been tightening further since the Reserve Bank of Australia issued warnings about prices in the sector in 2015.