Australia’s Centuria Industrial REIT has acquired six urban infill industrial assets with a combined end-value of A$132.4m (€84m).
Centuria Property Group, manager of ASX-listed real estate investment trust, said the assets were located across Australia’s strongly- performing eastern seaboard markets.
Among the acquisitions is an eight-hectare site in the north Melbourne industrial market of Campbellfield. The site has a short-term lease, and on its expiration, a new, sustainable 44,000sqm industrial estate will be developed.
Jesse Curtis, CIP fund manager and Centuria’s head of industrial, said: “The Campbellfield site provides a rare, value-add opportunity to deliver a much-needed new and sustainable multi-unit industrial estate.”
Construction is expected to commence in 2023, with practical completion expected in 2024.
The listed vehicle also recently acquired sites in infill markets in both south Brisbane and southeast Melbourne.
The latest acquisitions increased Centuria Industrial REIT’s total portfolio to around A4bn, and would be funded by new and existing debt facilities, Curtis said.
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