Centennial seeds fund with Sydney, Adelaide investments
Centennial will seed its first open ended fund with two major industrial investments.
The priciest, we reported in December, cost $29.75 million – a 5.5 per cent net passing yield.
At 6 Ash Street, Prestons, in Sydney’s west, leased to PACT Group subsidiary Jalco, it contains a 7585 square metre cold storage facility, on 1.76 hectares.
Improvements cover 43 per cent of the site which has 3000 sqm for immediate development.
It is 10 kilometres west of the Moorebank Intermodal Terminal. Savills’ Michael Wall, John Swanson, Alex Jaafar and Nick Crothers were the agents.
The vendor paid $21m in 2022 with a seven years leaseback.
Adelaide food production plant
Meanwhile Centennial paid $18.5 million across two Turin Place holdings in Salisbury South (pictured, top), 22 kilometres north of Adelaide.
Also exposed to Bremen Drive, with 7905 square metres in six buildings, it is leased to Patties Food Group subsidiary Australian Wholefoods.
A food processing plant, equipment has been significantly upgraded in recent years (continues below).
The 1.45ha site spans seven titles; 1500 sqm, presently hardstand, is available for development immediately.
Knight Frank’s Max Frohlich and Ryan Mills represented the private investor seller.
CENMIF seeded
The properties will be held by the Metro Industrial & Logistics Fund (CENMIF) launched late last year after a $28m capital raise.
It is anticipated to grow in value c$150m per annum.
The targeted annual internal rate of return is 13pc.
“We were drawn to the assets given they met our fund’s investment strategy of building a multi-asset real estate portfolio focusing on acquiring industrial and logistics sites in land constrained, metropolitan locations offering strong risk adjusted returns,” Centennial fund manager, Private Wealth, Nick Lidonnici, said
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