Centuria Industrial REIT grows with $43 million acquisition

Centuria Industrial REIT grows with $43 million acquisition

Centuria Industrial REIT (ASX: CIP) has completed its sixth acquisition of the financial year - a cold storage facility in Ormeau, Queensland - for $43 million.

The acquisition of the facility means CIP's portfolio has expanded by $523 million in the first three months of FY21, enforcing the trust's strong position in the sector.

The Ormeau property is 100 per cent occupied by Markwell Cold Storage, a subsidiary of Competitive Foods Australia, and provides a WALE of 6.5 years at acquisition.

The asset grows CIP's asset base of facilities providing refrigerated logistics space, expanding on the recently completed development of the Townsville Regional Distribution Centre for Woolworths.

"A key growth thematic for CIP is the non-discretionary, food distribution and cold storage industries and this facility increases the Trust's exposure to food and cold storage related users to almost 30 per cent by income," said CIP fund manager Jesse Curtis.

"The modern, high-quality Ormeau property has been fully occupied by the well-established Markwell Cold Storage since its construction and complements the existing array of high-quality, blue-chip tenant customers within the CIP portfolio."

The acquisition of the property, located at 1 Lahrs Road, Ormeau, will be funded with CIP's existing debt facilities.

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