SYDNEY-In what seems to be a counter-cyclical move, one offshore player is attempting to exit the US market. In two separate deals, Dexus Property Group of Sydney has sold off most of its US industrial holdings in a deal valued at $561 million. The transaction was managed by Eastdil Secured and the buyer has been described as “an entity advised by Chicago-based Heitman.” With $13 billion of assets under management, Dexus is among the leading real estate companies in Australia.

In the selloff, 26 of 27 US properties have been sold, and this includes three Texas land parcels. In the second disposition, the firm sold off 3550 Tyburn Rd. and 3332-3424 North San Fernando Rd, in L.A. for $58 million. The sale was completed separately to ensure maximum book value, according to a statement.

“Our goal from the outset has been to ensure that we maximize value for investors and the sale of all but one of our US properties is a key milestone in our objective to exit offshore markets,” said CEO Darren Steinberg. The firm is posting a 13% premium to net asset value on the sales.

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