Centuria Property Funds today announced two key leasing deals for its listed industrial trust, Centuria Industrial REIT (ASX:CIP). The trust has renewed leases with AWH, Australia’s largest wool-handling operation, for CIP’s existing asset at 310 Spearwood Avenue, Bibra Lake, WA (44,296sqm), and for the recently-acquired adjoining asset at Lot 14 Sudlow Road (39,485sqm).
The term will come into effect with the settlement of Lot 14 Sudlow Road in September. As the largest tenant in CIP’s portfolio, AWH occupies 11% of the trust’s gross leasable area (GLA).
The deal caps off an active period since Centuria took control of CIP in January, demonstrating our active approach to management. The activity has helped stabilise and expand the portfolio, including increasing the size of the portfolio to $957m2, refinancing CIP’s entire bank debt facilities and leasing activity across 19% of the portfolio.
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