Marie Manning - The early termination of our tenant was dealt with efficiently and effectively. We can't thank the team at Rental Trends enough for their professionalism in dealing with tenants who abandoned our property. Having secured these tenants from a different agency, which we left due to poor management, Ann and Sarah managed their abandonment with such efficiency that the unfortunate experience has had little impact for us as landlords....
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.