Centuria Capital Group and partners have acquired four Australian office buildings from Hines, the US-based asset manager, for AUD645m (€396m).
Hines put the buildings up for sale following a decision in May to wind up Hines Global REIT, which owned more than 30 assets globally.
Centuria said the group and its listed Centuria Metropolitan REIT will join co-investor, the Lederer Group, to buy the buildings in three capital cities from a subsidiary of Hines Global REIT.
Centuria said its listed vehicle had agreed to acquire three of the assets and a 25% interest in the fourth for a total of AUD501m.
The Lederer Group, which has jointly invested with Centuria in office buildings previously, will acquire a 75% interest in a Sydney building, located in Chatswood, for around AUD125m via a co-ownership agreement.
Two of the other assets are in Brisbane and one in Melbourne.
Centuria said it would undertake an AUD100m equity raising and issue corporate bonds to raise a further AUD75m to fund its share of the transaction.
Centuria Metropolitan REIT would undertake its own capital raising for AUD275m to partially fund the purchase.