- Centuria Property Funds, an entity of Centuria Industrial REIT (CIP), has acquired a modern warehouse in Sydney for $26.25 million
- It lies close to the M2 and M7 motorways and consists of a 7678-square-metre warehouse and 591 square metre office
- The property will be funded with existing debt and settlement is expected to occur in March
- This transaction takes Centuria’s acquisitions during FY21 to 12 properties, worth $757.2 million
- Centuria has ended the day 1.67 per cent in the green with shares trading at $3.04
Centuria Property Funds, an entity of Centuria Industrial REIT (CIP), has acquired a modern warehouse in Sydney for $26.25 million.
The property at 8 Lexington Drive in Bella Vista in northwest Sydney consists of a 7678-square-metre warehouse and a 591-square-metre office. It’s also situated in close proximity to the M2 and M7 motorways.
The acquisition was secured through a 0.5-year weighted average lease expiry, providing Centuria with an opportunity to reposition the property.
“This acquisition increases CIP’s exposure in the tightly held Sydney industrial market. Using our in-house capabilities, CIP has a strong track record in delivering value-add opportunities and this lasts asset adds to our existing pipeline,” Fund Manager Jesse Curtis said.
“Being a high-profile location, in a true infill area, the asset will appeal to a broad range of potential users,” he added.
The property will be funded with existing debt and settlement is expected to occur in March.
This transaction takes Centuria’s acquisitions during FY21 to 12 properties, worth $757.2 million.
Centuria has ended the day 1.67 per cent in the green with shares trading at $3.04 in a $1.646 billion market cap.