Centuria Property Funds No. 2 (ASX:CIP) has today announced it has exchanged a conditional contract for the off market acquisition of a property in South Australia at a price of $19.5 million providing an initial yield of 7 per cent.
The property is located within the industrial precinct of Edinburgh, approximately 21 kilometres north of Adelaide
Centuria says the high quality 13,007sqm asset was constructed in 2013 and occupies a 6.5 hectare site, providing expansive hardstand areas and a low site cover of 20 per cent.
The property will be 100 per cent occupied with a weighted average lease expiry (WALE ) of 10 years.
Centuria says its pleased to be acquiring another quality industrial asset that has good connectivity to key infrastructure, is well located in the Edinburgh industrial precinct and utilises CIP’s existing balance sheet capacity, continuing to position CIP as Australia’s largest domestic pure play industrial REIT.
Shares in Centuria (ASX:CIP) are trading 0.88 per cent lower at $3.38