ASX-listed property funds manager Centuria Capital Group will seed a new unlisted fund with an office tower acquired in Adelaide for A$127m (€80m).

Centuria subsidiary, Centuria Property Funds, is buying the 80 Flinders Street office building for the fund which will launch next month to hold the asset.

Jason Huljich, Centuria joint CEO, said: “We are excited to be launching a new unlisted fund in Adelaide, a market in which we have strong operational expertise.

“Across the group, we are managing over A$200m of A-grade assets from both our listed and unlisted divisions located in this region.”

Huljich described the acquisition of 80 Flinder Street as another example of Centuria’s ability to selectively identify quality real estate opportunities in a highly-competitive environment.

“Adelaide is continuing to transform, offering attractive fundamentals relative to other core CBD markets,” he said.

“Tenants within 80 Flinders Street are also well-positioned for growth, with South Australia’s strong commitment to a pipeline of approximately A$130bn in infrastructure and defence projects.”

Constructed in 2006 and refurbished in 2019, 80 Flinders Street is 100% occupied.