Centuria Capital Group (ASX:CNI) acquires $171.8m of real estate

Company News

by Adrian Tan

Investment manager Centuria Capital Group (ASX:CNI) has acquired $171.8 million of real estate.

The acquisitions include 25 Grenfell Street, Adelaide, South Australia, an office property with government and corporate tenants, including the Reserve Bank of Australia and Minter Ellison, and and 265 and 318 Copelands Road, Warragul, Victoria, a commercial farming property leased to Flavorite, one of Australia's largest glasshouse producers of fresh fruit and vegetables.

The Adelaide property is a 50 per cent interest, with the remainder acquired by MA Financial's diversified real estate funds. The acquisition will form a single-asset, unlisted fund to be launched in early 2022.

The Warragul asset is also a 50 per cent interest, with the remainder retained by the Flavorite Group.

The acquisitions will be debt funded.

Shares in Centuria Capital Group (ASX:CNI) are trading flat at $3.28.

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