Centuria fund wins Unlisted Property Fund of the year: PIR awards

Centuria fund wins Unlisted Property Fund of the year: PIR awards
Centuria fund wins Unlisted Property Fund of the year: PIR awards

Centuria Property Funds Ltd has won the fund of the year award for the second year running, with its 203 Pacific Highway Fund receiving the Unlisted Property Fund of the Year 2016.

Last year, Centuria’s 8 Central Ave Fund No 2. also won the fund of the year at the Property Investment Research (PIR) awards. 

The Centuria 203 Pacific Highway is a closed-ended, single asset fund. It is a 50% leasehold of an A-grade office building located in The Forum in St Leonards business district north of the Sydney CBD. The remaining 50% leasehold is held by the Centuria Metropolitan REIT (CMA). 

Jason Huljich, CEO of Unlisted Property Funds at Centuria, said the award was a feather in the cap for Centuria and “reinforces our view that Sydney’s North Shore market is performing strongly and will continue to deliver returns to investors over the long term”. 

The fund was earlier rated AA by PIR.

203 Pacific Highway was constructed in 2000 and features modern amenities and views of the Sydney CBD. It has 11,737 sqm of net lettable area and is fully leased to tenants such as Primary Healthcare, Cardno and Verizon. The Weighted Average Lease Expiry (WALE) is 4.4 years. 

Huljich said the outlook for St Leonards is positive, as residential conversions continue to reduce office stock, while the Sydney Metro project will improve connectivity for workers. 

“Falling vacancies and strong rental growth as a result of residential conversions and the withdrawal of commercial office space in the area is contributing to rental growth and the performance of this market. The Fund is an excellent example of Centuria identifying a well- performing asset in an excellent location, with opportunities to add value for investors,” said Huljich. 

Centuria Property Funds is a wholly-owned subsidiary of ASX-listed fund manager Centuria Capital Limited, which has more than $2 billion in funds under management. 

 

Tags: 
Commercial Property St Leonards

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