Centuria Metropolitan REIT to buy four properties from Hines Global REIT

Company News

by Rachael Jones

Centuria Capital Group (ASX:CNI) have announced that Centuria Metropolitan REIT (ASX:CMA) and the Lederer Group have entered into agreements to acquire $645 million of four high quality office assets from a subsidiary of Hines Global REIT.

Centuria Metropolitan REIT has agreed to acquire a 100 per cent interest in three of the assets - 818 Bourke Street, Melbourne, 825 Ann Street and 100 Brookes Street in Brisbane and a 25 per cent interest in 465 Victoria Avenue in Sydney for $501 million.

To partially fund the acquisitions, CMA will undertake a $276 million equity raising.

CNI currently holds 23.4 per cent of CMA and has committed to subscribe for its full entitlement in the CMA Equity Raising.

Shares in Centuria Capital Group (ASX:CNI) are in trading Halt - Last traded at $1.32.