Centuria Property acquires $150M assets & announces capital raising

Company News

by Roma Christian

Centuria Metropolitan REIT (ASX:CMA) entity Centuria Property Funds Limited has entered into agreements to purchase $150 million of commercial office assets.

The company will acquire two new commercial offices in Perth, West Australia for $91.8 million. This is in addition to the purchase of Target Head Office, as announced on 28 June 2017.

Centuria is undertaking an underwritten equity raising, to raise about $90 million, at a fixed issue price of $2.35 per CMA security.

The property fund says it expects the acquisitions to increase its market capitalisation from $430 million to $520 million.

Shares in Centuria Metropolitan REIT (ASX:CMA) are in trading halt, and lasted traded at $2.41.