Centuria Acquisitions and Market Update
Centuria announced this week;
A $115 million increase of fund property valuations across the Centuria platform
Acquisition of 50% interest in 201 Pacific Highway for $86 million to establish new Centuria wholesale property fund
Centuria Metropolitan REIT’s (ASX:CMA) acquisition of the other 50% interest in 201
Pacific Highway, along with 77 Market Street, Wollongong for a combined value of $119 million, and
A $60million rights offer being to fund the Centuria Metropolitan REIT’s acquisitions.
201 Pacific Highway
Centuria has agreed terms with Abacus Funds Management to acquire 100% of the asset for $172M with 50% being held under a put & call arrangement for a new wholesale fund and the remaining 50% to be held by Centuria Metropolitan REIT. The 16,578sqm asset sits above the St Leonards Railway station with a 3.5 year WALE. The acquisition price represents a yield of 6.5%.
77 Market Street
Centuria Metropolitan REIT also announced the acquisition of a 6,755sqm A Grade building at 77 Market Street Wollongong for $33.3M on a 7.25% yield.