- Centuria Industrial REIT (CIP) has acquired a distribution centre in Central West Sydney for $27 million
- The acquisition was secured on a 2.2-year weighted average lease expiry and fully let to civil and construction infrastructure supplier Jaybro
- The property includes 9400 square metres of generic industrial space within a 1.9-hectare site in what CIP describes as a “well-connected infill market”
- Commenting on the buy, Centuria’s Fund Manager Jesse Curtis said it increases CIP’s exposure to Sydney’s central-western industrial market and supports REIT’s strategy of securing high-quality industrial assets
- Centuria Industrial REIT closed the session up a slight 0.29 per cent at $3.42 per share
Centuria Industrial REIT (CIP) has acquired a distribution centre in Central West Sydney for $27 million.
The industrial property investment fund described the centre as “modern and high quality” and situated in a well-connected infill market, Arndell Park in New South Wales.
The acquisition was secured on a 2.2-year weighted average lease expiry and fully let to civil and construction infrastructure supplier Jaybro.
According to Centuria, the property includes 9400 square metres of generic industrial space within a 1.9-hectare site and is in close proximity to CIP’s existing nearby warehouse.
“[The acquisition] increases CIP’s exposure to Sydney’s central western industrial market and supports the REIT’s strategy of securing high-quality industrial assets within infill markets,” Centuria’s Fund Manager Jesse Curtis commented.
The buy brings CIP’s industrial acquisitions spend for the financial year to date to $784 million and is set to be funded with existing debt. Settlement is expected in September 2021.
Centuria Industrial REIT closed the session up a slight 0.29 per cent at $3.42 per share.