Real estate fund manager Centuria Capital has sold three industrial assets in Australia for A$60.5m (€34.3m), at an average sales premium of 25%.
The assets in Queensland, held in separate single-asset funds, had achieved an internal rate of return exceeding 11% for each fund’s investors.
They were sold to different investors including a listed entity, which bought the largest asset located at Stapylton, for A$40m.
Jesse Curtis, Centuria head of funds management, said: “The domestic industrial market has benefited from strong tailwinds in recent years, which have persisted with limited supply, impeding construction costs and continuous population growth. However, in Southeast Queensland, these tailwinds have been bolstered further by infrastructure investment resulting from the region readying itself for the 2032 Olympic Games.
“The strength of investment demand for industrial assets within key Southeast Queensland growth corridors is evident by the number of non-solicited approaches we’ve received, which has helped us achieve strong sales premiums to prior book values.”
Centuria manages more than A$6.2bn of industrial assets in Australia and New Zealand.
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