17 Oct 2019

Centuria acquires Brisbane CBD building for $89 million

Centuria's (ASX: CNI) property funds subsidiary has acquired 348 Edward Street in Brisbane's CBD for $89 million.

The Edward Street office building is centrally located, just 60 meters from the Central Railway Station and near the Brisbane Private Hospital, the Brisbane Magistrates Court, and the Queen Street Mall precinct.

The building has a 5.1 year weighted average lease expiry and is currently 89 per cent occupied by ASX listed or multinational tenants.

The transaction grows Centuria's unlisted fund opportunities to $216 million in FY20 to date.

Additionally, the acquisition lifts Centuria's group assets under management to $6.6 billion.

The Brisbane CBD acquisition is the latest in a string of major acquisitions for the listed company including a $127 million acquisition in Adelaide.

"These acquisitions are an integral part of our group strategy to accelerate AUM growth and we expect to continue this momentum by executing on further attractive opportunities across our real estate platform," says Centuria joint CEO Jason Huljich.

Shares in Centuria are up 0.47 per cent to $2.16 at 10.02am AEDT.

SOURCE ; https://www.businessnewsaus.com.au/articles/centuria-acquires-brisbane-cbd-building-for--89-million.html

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