Centuria banks $200m from industrial assets
Centuria has sold four investments on behalf of the Industrial REIT (CIP).
In the priciest deal, a cold storage facility it bought in 2021 at Girraween, west Sydney, traded for $98m.
It paid $73.1m.
That seller was the occupier, Bidfood, which offered the 25,420 square metre facility on 4.9 hectares with a seven year leaseback.
The disposal price was a 15 per cent premium to the June, 2025, book value,
“The asset had been earmarked for redevelopment before an off-market approach from an owner-occupier,” it added.
Adelaide sales
Meanwhile, Centuria has sold two assets four kilometres from each other in Adelaide’s north.
The most valuable was an office/warehouse in the Vicinity Industrial Base, 50-64 Mirage Road, Direk, which collected $50m – a 33pc premium to total project cost and 25pc internal rate of return.
On four hectares it contains 20,910 sqm, completed mid-last year and presently for lease.
The second Adelaide property, 32-54 Kaurna Ave, Edinburgh, fetched $22.7m – an eight per cent premium to book value (continues below).
Centuria outlaid $19.5m for this asset in 2019.
On 6.5ha, it contains a 13,007 sqm office/warehouse completed in 2013.
MTE is the occupier.
CIP, Morgan Stanley sell Melbourne asset
In Melbourne, Centuria sold 40 Scanlon Drive for $24.24m – a four per cent premium to book value.
CIP controlled a 50pc interest in that asset.
The Morgan Stanley backed Centuria Prime Logistics Partnership held the balance.
The pair paid Australian Unity $15.1m in mid-2021.
The on sale is to Westbridge which said it scored the 9371 sqm facility on 1.77ha at below replacement cost.
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