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Dexus exits US industrial property market

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SYDNEY, Dec 20 AAP

December 20 2012, 11:22AM

Dexus Property Group has sold the majority of its industrial assets in the United States for $US561 million ($A537.12 million), above their current value.

Dexus sold 26 of its 27 properties or parcels of land to two buyers, as it seeks to focus on its Australian operations.

The company said the properties had a book value of $US552.5 million ($A528.99 million), and expects to realise of profit of $US11 million ($A10.53 million) after transaction costs.

The proceeds of the sales would reduce debt, increasing Dexus' ability to purchase new properties in CBD office properties.