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Centuria Spending ESR Proceeds


Centuria Capital Group announced this week the receipt of proceeds from the sale of their Propertylink stake to ESR, the retirement of debt and the further investment of capital in an asset in Perth.

Specifically, Centuria announced; • Receipt of $137 million cash consideration from ESR Real Estate (Australia) Pty Limited (ESR) for a 19.51% stake in Propertylink Group (PLG); • Retirement of $40 million of short term debt • Triggering of call agreement over remaining 360 Capital Group unlisted trust units of $20 million

On 20 February 2019, Centuria announced that its relevant subsidiary had sold into the ESR bid for PLG, realising a net profit of $12 million. Settlement of this transaction has occurred and the ASX has now posted notice of PLG’s suspension from official quotation.

Following the receipt of the proceeds, Centuria has executed on the put and call option relating to the remaining unlisted securities in the 111 St Georges Terrace, Perth WA fund utilising $20million of capital.

Centuria also intends to retire $40 million in short term debt, further strengthening its balance sheet.

Centuria confirmed also that both CMA and CIP are growing and performing strongly in a REIT market where compression amongst their peer set is highly relevant and likely to continue.

Centuria reaffirmed guidance in relation to CNI’s FY19 distribution of 9.25 cps and FY19 operating earnings of 12.7 cps

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