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Centuria capitalises on non-core diversities with a new $50 million fund
The Centuria Capital Group, an established Australasian real estate fund manager, has successfully raised $50 million in equity from its network of Australian wholesale investors.
Centuria capitalises on non-core diversities with a new $50 million fund
The Centuria Capital Group, an established Australasian real estate fund manager, has successfully raised $50 million in equity from its network of Australian wholesale investors.
This funding effort is aimed at exploiting non-core divestment opportunities through its unlisted Centuria Select Opportunities Fund (CSOF). The Fund has outlined a strategy aimed at capitalising on counter-cyclical opportunities across various property and real estate finance sectors. It plans to deploy the raised capital over the next 15 months, with a goal of achieving a 15% Internal Rate of Return (IRR) across a five-year term.
The initial investment for CSOF is a $20.6 million industrial logistics facility situated in the industrial hub of Keysborough, southeast Melbourne, where vacancy rates are notably below one per cent. This strategic acquisition underscores Centuria's focus on high-quality assets expected to offer value-add opportunities, such as positive rental reversions, taking advantage of industries with strong growth prospects due to supply-demand imbalances.
Jason Huljich, Joint CEO of Centuria, explained the company's approach toward this investment strategy. "We are looking at high-quality assets that can provide value-add opportunities such as positive rental reversions, as is the case for the Keysborough investment. We are also looking at industries with strong tailwinds that lend themselves to supply-demand imbalances and growth opportunities," he said. He further emphasised the collective belief in the investment strategy, indicating Centuria's co-investment alongside its wholesale investors.
The Keysborough investment, located at 93-103 Pacific Drive, features a modern logistics facility with an 8,756 sqm warehouse, built in 2017. It boasts a low site coverage of 45%, dual access points, high clearance, and multiple docks, coupled with significant hardstand space, rendering it a prime asset with potential for positive rental reversions. It's strategically positioned 30km southeast of Melbourne’s CBD, benefiting from proximity to major road arterials, and offering access to 1.5 million households within an hour’s drive.
Over the past 25 years, Centuria has established itself as a leading real estate manager, with a current management portfolio valued at $6.0 billion across its industrial platform. The acquisition and forward-looking strategy of the CSOF highlight Centuria's commitment to capitalising on strategic real estate investments, particularly in sectors demonstrating significant growth potential and supply-demand dynamics.
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