Dexus to net $664.5m for two properties

Property group Dexus will sell two investment properties - in Adelaide and Melbourne - for a total of $664.5 million.

Dexus Property Group is selling two of its large investment properties and will use the proceeds to repay debt and fund ongoing projects.

The first property, in North Terrace, Adelaide, will fetch the company $86.5 million, in line with the asset's book value at the end of June.

Dexus's Southgate Complex in Melbourne will realise $578 million, which amounts to a 12 per cent premium to its June-end book value.

"These sales demonstrate our willingness to capitalise on the continued strength of investor demand for quality properties," Dexus chief executive Darren Steinberg said.