Centuria Capital Group increases stake in Centuria Metropolitan REIT

Company News

by Kathy Skantzos

Investment management company Centuria Capital Group (ASX:CNI) has announced the acquisition of a further 2.2 per cent stake in Centuria Industrial REIT (ASX:CIP), increasing Centuria’s interest in the REIT to 19.9 per cent.

The additional investment follows a successful $60 million entitlement offer Centuria announced on 4 October 2017.

Centuria recently announced a $31 million increase in the carrying value of its investment properties.

Centuria CEO John McBain said the investments are in line with the company’s business strategy of supporting the continued growth of the listed REITs.

He said the additional holdings add growth to Centuria Capital Group’s (ASX:CNI) earnings and increase recurring revenues within the company.

Shares in Centuria Capital Group (ASX:CNI) closed flat at $1.45.