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Centuria Capital Group's unlisted division delivers strong performance fees

Centuria Capital Group (ASX: CNI or Centuria) announces:

• Sale of 2-10 Wentworth Street, Parramatta NSW for $105.3m
• Settlement of a half share in Centuria 8 Central Avenue, Australian Technology Park, NSW for $191m
• CNI performance fees of $24.7m1 expected to be generated from two unlisted funds

CNI subsidiary, Centuria Property Funds Limited has exchanged contracts to divest 2-10 Wentworth Street, Parramatta NSW for $105.3m following the completion of the closed-ended fund’s five-year term. Acquired in December 2014 for $45.1 million, the sale reflects Centuria’s proactive asset management capabilities and the current strength across the commercial transaction markets. Centuria refurbished the common areas in the building and re-set 90% of the building leases during the hold period. Rental levels were also significantly increased with an average uplift of 34%. Settlement is expected to occur in Q1 CY2020.

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