Centuria Capital (ASX: CNI), an ASX-listed specialist investment manager, has announced that subsidiary, Centuria Property Funds Limited (CPFL), has exchanged contracts to purchase The Zenith, an institutional grade office asset located at 821 Pacific highway, Chatswood, Sydney.
The purchase remains subject to FIRB approval, with settlement expected to occur in late July.
A new unlisted property fund, the Centuria Zenith Fund, will co-invest with global investment firm, Blackrock to acquire the property for $279.1 million.
The Zenith is a landmark office asset with 40% of its rental income underpinned by government tenants. The asset has approximately 44,000sqm of net lettable area, is 94 percent occupied by area and has 799 car spaces.
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“The past 18 months have been active in our property funds management divisions with the sale of several mature unlisted fund assets producing above average investor returns and significant performance fees for the business. Acquisition of The Zenith follows closely upon settlement of our $104 million Australian Technology Park acquisition,” commented Centuria Group CEO, John McBain.
McBain added that the acquisition swells the funds under management in its unlisted property division to $1.1 billion.
“Together with our growing Centuria Metropolitan REIT (ASX:CMA), which announced a $17.6 million increase in the value of its property portfolio to $396.7 million, this acquisition brings total Centuria Property Funds FUM to $1.5 billion,” McBain said.
Centuria Capital “CNI” is an ASX-listed specialist investment manager with $1.9billion in funds under management.
It offers a diverse range of investment opportunities, from tax-effective investment bonds to unlisted property funds. – BusinessNewsAsia.com