- Centuria has bought an office building in the Brisbane CBD for $89 million
- The new buy brings the company’s assets under management to $6.6 billion
- During the 2020 financial year, Centuria has added $675 million worth of property to its portfolio
- Centuria’s share price remained flat today, currently sitting at $2.15 per share
Property group Centuria has purchased an office building in the Brisbane CBD for $89 million.
The buy gives the company full interest in the property and increases its assets under management to $6.6 billion.
This financial year the group has added over $675 million worth of new property to its books.
The property, located at 348 Edward St, Brisbane, is surrounded by amenity and transport infrastructure, according to the company. These include the Brisbane Private Hospital, Brisbane Magistrate Court and the regenerated Queen Street Mall precinct.
“This transaction grows our unlisted fund opportunities to $216 million in FY20 year to date,” joint CEO of Centuria Jason Huljich said.
The fund is launching this month and is expected to deliver a 6.25 per cent distribution yield during the 2020 financial year. This is set to increase to 6.5 per cent during the next financial year.
Jason reminded the market “Centuria’s listed office REIT, CMA, has recently committed to acquire two A grade office assets for $380 million.”
This was made possible via a $206 million placement conducted last month.
Centuria identified that continuing to expand the company’s portfolio is necessary to continue driving growth and achieving targets.
“These acquisitions are an integral part of our group strategy to accelerate AUM growth and we expect to continue this momentum by executing on further attractive opportunities across our real estate platform,” Jason said.
Centuria’s share price remained flat today, currently sitting at $2.15 apiece at market close.