Centuria Industrial (ASX:CIP) valuations rise $21 million

Company News

by Anna Napoli

Centuria Industrial REIT has revalued its property portfolio has increased by $21 million, highlighting the relative strength of industrial property compared to the retail and office sectors.

The increase in portfolio comes on the back of strong leasing outcomes and the continued strength of the industrial investment market.

The REIT says industrial property remained resilient during the covid lockdown period largely due to the defensive nature of industrial occupiers and ongoing demand from e-retailing, online grocery shopping and packaging requirements.

Rent collections for Centuria were also strong throughout the period to date, averaging over 95 per cent across the portfolio

The REIT continued to benefit from leasing demand in the industrial sector and value-add initiatives were executed during the April to June 2020 period.

Shares in Centuria Industrial REIT (ASX:CIP) are trading 1.5 per cent lower at $3.21.