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CENTURIA CAPITAL GROUP — Capital/Financing Update 2013
Oct 14, 2013
64677_rns_2013-10-14_78f3793f-3ba6-4333-89e5-c4d50618e243.pdf
Capital/Financing Update
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15 October 2013
Australian Securities Exchange - Company Announcements Platform
Centuria Capital Limited New $99.6 million Centuria Australian Technology Park Fund
Centuria Capital Limited subsidiary, Centuria Property Funds Limited, today announced that it has entered into a formal option agreement to purchase a 50% interest in 8 Central Avenue, Australian Technology Park, Sydney for $99.62 million.
The property is headquarters to the Seven Network and is located in the emerging inner-city suburb of Eveleigh, 2.5kms from the Sydney CBD. It has a lettable area of 36,451 square metres and its lease profile is dominated by major tenants, including the NSW State Government as well as the Seven Network and Pacific Magazines, the latter being part of the ASX listed Seven West Media Limited.
Jason Huljich, CEO of Centuria Direct Property Funds, said that quality of the tenants as well as the extremely long lease terms (WALE of over 12.6 years) attracted Centuria to the asset. He added that the asset will be held in a single asset, closed end, unlisted Centurial Property Fund and that the purchase is very much in line with Centuria’s strategy to invest in strong inner-city and CBD locations on the eastern seaboard.
Mr Huljich went on to say that the Fund is forecast to achieve a distribution rate of 8.7% p.a. in year one and the offer to invest is expected to close in late November.
Centuria Capital group CEO John McBain commented that the new fund is consistent with Centuria’s multilevel property funds management strategy and that it is anticipated that equity will be sourced from a combination of offshore institutional investors as well as from Centuria’s traditional investor base. He added - the direct property group recorded record acquisitions of $170 million in the 2013 financial year bringing total direct property funds to $1.05 billion and the new fund will be a significant boost to assets under management.
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For more information or to arrange an interview, please contact:
Matthew Coy Jason Huljich Company Secretary/Chief Financial Officer CEO Direct Property Centuria Capital Centuria Property Funds Phone: 02 8923 8923 / 0412 557 224 Phone: 02 8923 8923 / 0413 121 121 Email: [email protected] Email: [email protected]
Alicia Eu Account Assistant BlueChip Communication Phone: 02 9018 8603/ 0412 552 004 Email: [email protected]
Centuria Capital “CNI” is an ASX-listed diversified funds manager with over $2 billion in funds under management. We offer a diverse range of investment opportunities – from tax-effective investment bonds to unlisted property funds. Our drive, allied with our inside knowledge of the sector and intimate understanding of our clients, allows us to transform opportunities into rewarding investments.
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