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.

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.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Meta slammed over "dereliction" of commitment to Australian news

Meta slammed over "dereliction" of commitment to Australian news

The decision by Meta (NASDAQ: META) to "deprecate" the Fa...

AF Legal acquires Armstrong Contested Wills & Estates in deal worth up to $3.75m

AF Legal acquires Armstrong Contested Wills & Estates in deal worth up to $3.75m

A year on from the failure of an $11 million merger with Go to Cour...

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

Social media ‘finfluencer’ Tyson Scholz, widely known a...

WOTSO Property enters new era as asset management brought in-house

WOTSO Property enters new era as asset management brought in-house

After reporting a turnaround in its fortunes with a $4.6 million st...