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Centuria Completes Industrial Asset Sale

January 7, 2019

 

Centuria Metropolitan REIT has exchanged contracts for the sale of CMA’s remaining industrial asset, 13 Ferndell Street South Granville. The sale for $24.2 million represents a 17.0% premium to the asset’s last book value and more than $8 million above what it paid Sentinel in late 2014 when it acquired the site.

 

The purchaser was specialist industrial property investment firm Pipeclay Lawson.

 

The 15,302sqm  warehouse sits on a 2.67-hectare site and is tenanted by the BlueScope Steel with a lease running until 2020. The net rent from the asset is circa $1.5 million a year, representing a yield of around 6.2 per cent.

 

Colliers International was the selling agent.

 

Under CMA’s management the asset is expected to deliver an unlevered IRR of 14.5% . The asset was divested to a private fund manager following a competitive onmarket sale campaign. The divestment of CMA’s remaining industrial asset, at a premium to book value, finalises the execution of CMA’s strategy to reposition to Australia’s largest pure play office REIT.

 

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