Growthpoint Properties Australia is selling its 15.1 per cent stake in Dexus Industria REIT in a deal handled by Jarden Group worth about $131.7m.
Shares in the target closed down 4c to $2.86, with its market value at $920m.
Buyers had the opportunity to snap up 47.9 million shares in the listed trust managed by Dexus at $2.75 each, a 3.8 per cent discount to the last closing price, and the book at 6pm AEST Tuesday was covered.
Dexus Industria REIT has $1.6bn of mainly industrial properties and a 398,200 sqm development pipeline across key Australian cities.
It comes after a string of other recent block trades as market sentiment lifts with an interest rate cut in the United States.
Growthpoint is 65 per cent-owned by Growthpoint Properties South Africa and is one of the country’s largest office and industrial landlords with a portfolio across Australia. It owns and manages 58 properties worth about $5.1bn.
It has held the Dexus Industria stake for several years.
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