Centuria Industrial REIT (ASX:CIP) portfolio increases 30% with Telstra Data Centre purchase

Company News

by Kathy Skantzos

Centuria Industrial REIT’s (ASX:CIP) portfolio increased 30 per cent for FY2020, taking the REIT’s total portfolio value to $1.6 billion.

This includes the company’s announcement today of the acquisition of the Telstra Data Centre in Clayton, Victoria, via a sale and leaseback to Telstra for $416.7 million.

It also includes the purchase of two additional high-quality industrial assets in NSW and Victoria for $30.4 million.

Its FY2020 results released today showed a net profit of $75.3 million, which is down on the prior year of $88.8 million in FY19.

Funds from operations for FY20 is at $63.5 million, up from $50 million from the prior corresponding year, and return on equity is at 10 per cent.

“FY20 has proved to be a significant year of growth for CIP with assets under management increasing more than 30 per cent to $1.6 billion,” Jesse Curtis, CIP Fund Manager, said.

Centuria Industrial REIT (ASX:CIP) is on a trading halt and last traded at $3.31.

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