Centuria Capital Group (ASX:CNI) says their subsidiary, Centuria Property Funds has settled Parramatta office tower for $105.3 million, following the completion of the closed-ended fund’s five-year term.
2-10 Wentworth Street, Parramatta was acquired in December 2014 for $45.1 million.
The sale reflects current strength across the commercial transaction markets and Centuria’s focus on proactive management.
During the hold period, 90 per cent of the asset’s leases were re-set and rent levels significantly increased with an average uplift of 34 per cent.
Shares in Centuria Capital Group (ASX:CNI) are trading flat at $2.70.