Real estate fund manager Centuria Capital has acquired an industrial site in Western Australia, which completes the deployment of capital raised for the Centuria Select Opportunities Fund (CSOF).
Centuria acquired a Canning Vale warehouse facility for approximately A$38m (€22m), a deal that represents Perth’s largest industrial transaction since December 2023 and the only institutional-grade asset marketed in the last 24 months
Jesse Curtis, Centuria head of funds management, said the acquisition of Gauge Circuit was Centuria’s fifth asset in the Perth suburb, which continued to benefit from a significant supply-demand imbalance and exceptional rental growth.
Curtis said: “Perth has experienced the strongest industrial rental growth of all national markets in 2024 due to extremely limited vacancy. With limited new supply coming to market, and an expanding local population, we believe these positive tailwinds will persist in the medium term.”
“The Gauge Circuit acquisition is consistent with CSOF’s high conviction mandate, focused on securing value-add real estate opportunities. Each CSOF acquisition benefits from a low WALE, low site coverage, and were secured with below market rental values.
“The upside is that these properties are located in tightly held urban infill markets, which provide potential to capture significant positive rental revisions and redevelopment optionality.”
CSOF now holds a portfolio worth around A$100m.
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