Centuria Capital Group (ASX:CNI) is set to enter the affordable housing market as part of the Commonwealth Government's National and Affordable Housing Agreement.
Centuria will contribute circa $20 million of equity towards a partnership with Compass Housing and Tetris Capital, to source, develop and deliver 192 dwellings across four separate properties throughout the Hunter and Central Coast regions.
The company says this is a new growth opportunity for its real estate division. The new partnership will be the largest provider of social and affordable housing in the Hunter region.
Centuria has also announced its intention to commence an on-market buy-back of up to 10 per cent of ordinary stapled securities over the next 12 months.
Shares in Centuria Capital Group (ASX:CNI) closed 1.09 per cent higher at $1.39 on Friday.