Growthpoint Properties Australia (ASX:GOZ) sold its interest in Dexus Industria REIT (ASX:DXI) priced at AU$2.75 per security for a total of AU$131.7 million, according to a Wednesday filing with the Australian Securities Exchange.

The company expects June 30 pro forma gearing to decrease to 36.9%, at the lower end of its target gearing range of 35% to 45%, following the sale and settlement of the Growthpoint Australia Logistics Partnership, the filing said.

Proceeds from the sale will initially be used to settle debt, according to Growthpoint CEO Ross Lees.