Adelaide fund heavily oversubscribed as purchase of landmark CBD office tower settles.
Centuria today announced that it has settled on Adelaide’s premier CBD office tower, 80 Grenfell Street.
The property was purchased for $184.6 million by Centuria and its capital partner, the Lederer Group. Fifty percent of the property will be held in a new single asset fixed-term unlisted fund, managed by Centuria. Demand for a stake in the newly-created fund was unprecedented – the offer closed in only four and a half days and was 200% oversubscribed. In total Centuria raised $57.1 million, 30% of which came from major overseas investors.
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