Centuria acquires Brisbane CBD building for $89 million

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.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 
Finexia acquires stockbroking and advisory team from Everblu Capital in a new milestone for future growth
Partner Content
Private credit specialist Finexia Financial Group (ASX: FNX) has acquired the Sydney-ba...
Finexia
Advertisement

Related Stories

Soul Patts offers $3 billion deal for Perpetual amidst asset management spin-off

Soul Patts offers $3 billion deal for Perpetual amidst asset management spin-off

Diversified investment house Washington H. Soul Pattinson and ...

Qualitas raising $50m to capitalise on fast-growing private credit portfolio

Qualitas raising $50m to capitalise on fast-growing private credit portfolio

Qualitas Real Estate Income Fund (ASX: QRI) is raising $50 million ...

The 7 charts that show Australians struggling as saving falls to near zero

The 7 charts that show Australians struggling as saving falls to near zero

The national accounts released by the Australian Bureau of Statisti...

The affordable housing controversy that drove a sales surge for luxury $1.5b Jewel towers

The affordable housing controversy that drove a sales surge for luxury $1.5b Jewel towers

The $1.5 billion Jewel development in Surfers Paradise has reached ...