Centuria acquires $115 million Geelong building, growing AUM to $4.5 billion

Centuria acquires $115 million Geelong building, growing AUM to $4.5 billion
Centuria acquires $115 million Geelong building, growing AUM to $4.5 billion

Centuria Capital Group's subsidiary Centuria Property Funds Limited has exchanged contracts on a Geelong office block for $115.25 million.

The deal caps off an active 1H FY18, with $655 million in property assets bought.

The Brougham Street property will be acquired by the Centuria Geelong Office Fund, a new single asset unlisted property fund which will be launched in February 2018.

On settlement, total Centuria assets under management (AUM) will be $4.5 billion. 

The A-Grade building is 100% occupied, with 94% of its income underpinned by a long-term lease to AAA-rated Victorian State Government entity, the Transport Accident Commission (TAC).

Centuria’s property funds management business is led by Jason Huljich.

With the new Geelong fund enjoying a 10-plus year lease to a State Government tenant and a starting distribution of 7% p/a paid monthly, Huljich expects strong demand from Centuria’s investors.

“The building is centrally located in the thriving regional city of Geelong, which is benefiting from the relocation of a number of Government agencies, including WorkSafe and the National Disability Insurance Agency. 

“The acquisition complements our investment philosophy and offers reliable, long term income for investors.”

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Geelong Centuria

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