Centuria Industrial REIT (ASX:CIP) buys Arnott's properties in Queensland

Company News

by Rachael Jones

Centuria Industrial REIT (ASX:CIP) has acquired two industrial assets via a sale and leaseback with biscuit maker Arnotts for $236 million.

The purchase of the two properties, located in Virginia, Queensland and Marleston, South Australia, will be funded in part by a $154 million institutional placement.

Centuria’s Head of Funds Management, Ross Lees says "Following the transaction, the portfolio value will increase to over $1.5 billion cementing CIP’s position as Australia’s largest pure play industrial REIT and increases CIP’s near-term prospects for inclusion in the S&P/ASX200 index.”

Shares in Centuria Industrial REIT (ASX:CIP) last traded at $3.55.