Centuria Capital Group (ASX: CNI or “Centuria”), has acquired a 14 level, $224million office building in Footscray, Victoria, for a new unlisted fixed-term, single-asset fund, Centuria Government Income Property Fund (CGIPF or “Fund”).
CGIPF will seek to raise $133million, which is Australia’s largest single-asset retail capital raise within the past 15 years.
The A-Grade office building, located at 1 McNab Avenue, Footscray, was secured with 100% occupancy on a 11.8-year Weighted Average Lease Expiry (WALE) on a market capitalisation rate of 4.7%. The 20,191sqm building was constructed in 2014 and includes nine levels of commercial accommodation, four levels of secure parking and benefits from strong sustainability credentials, including 5.5-Star NABERS energy and water ratings.
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