Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Centuria Industrial REIT (CIP) has acquired a distribution centre in Central West Sydney for $27 million
  • The acquisition was secured on a 2.2-year weighted average lease expiry and fully let to civil and construction infrastructure supplier Jaybro
  • The property includes 9400 square metres of generic industrial space within a 1.9-hectare site in what CIP describes as a “well-connected infill market”
  • Commenting on the buy, Centuria’s Fund Manager Jesse Curtis said it increases CIP’s exposure to Sydney’s central-western industrial market and supports REIT’s strategy of securing high-quality industrial assets
  • Centuria Industrial REIT closed the session up a slight 0.29 per cent at $3.42 per share

Centuria Industrial REIT (CIP) has acquired a distribution centre in Central West Sydney for $27 million.

The industrial property investment fund described the centre as “modern and high quality” and situated in a well-connected infill market, Arndell Park in New South Wales.

The acquisition was secured on a 2.2-year weighted average lease expiry and fully let to civil and construction infrastructure supplier Jaybro.

According to Centuria, the property includes 9400 square metres of generic industrial space within a 1.9-hectare site and is in close proximity to CIP’s existing nearby warehouse.

“[The acquisition] increases CIP’s exposure to Sydney’s central western industrial market and supports the REIT’s strategy of securing high-quality industrial assets within infill markets,” Centuria’s Fund Manager Jesse Curtis commented.

The buy brings CIP’s industrial acquisitions spend for the financial year to date to $784 million and is set to be funded with existing debt. Settlement is expected in September 2021.

Centuria Industrial REIT closed the session up a slight 0.29 per cent at $3.42 per share.

CIP by the numbers
More From The Market Herald

" Westbridge completes flagship property & acquisition

Westbridge Funds Management’s Westbridge Diversified Fund No.4 has assumed possession of its first asset in Victoria, for a purchase price of $15.36 million.
Newmark Property (ASX:NPR) - Joint Managing Directors, Simon T Morris (left) and Chris Langford (right)

" Newmark Property REIT (ASX:NPR) debuts on the ASX

Newmark Property REIT (NPR) has debuted on the ASX after raising $128.3 million in an initial public offering (IPO).

" BWP Trust (ASX:BWP) appoints Danielle Carter to board

BWP Trust (BWP) has appointed Danielle Carter as Non-Executive External Director.

" Ingenia Communities (ASX:INA) purchases portfolios for $441m

Ingenia Communities Group (INA) has acquired additional lifestyle community portfolios for $441 million.