Centuria Capital Group (ASX:CNI) has exchanged unconditional contracts to acquire Adelaide’s 80 Flinders Street office building for $127 million, generating a new fund for Centuria’s unlisted division.
The fund is expected to launch in August 2019 delivering FY20 and FY21 distribution yields of 6.50 per cent and 6.60 per cent.
80 Flinders Street is an A-Grade building located in Adelaide’s core CBD precinct which was constructed in 2006 and refurbished in 2019.
Centuria says its latest acquisition represents another example of the team’s ability to selectively identify quality real estate opportunities in a highly competitive environment.
Shares in Centuria (ASX:CNI) are trading 0.27 per cent higher at $1.85.