Centuria Capital Group and Paul Lederer acquire Hines portfolio of four offices on Australia’s east coast for $645 million

Centuria Capital Group (CNI) with businessman Paul Lederer are buying four offices on Australia’s east coast for $645 million.

A listed trust managed by CNI, Centuria Metropolitan REIT will acquire three of the assets, valued at $501 million, including 818 Bourke Street, in Melbourne’s Docklands (pictured, top), as well as two in Brisbane’s Fortitude Valley – 825 Ann Street and 100 Brookes Street.

The REIT will also control 25 per cent of 465 Victoria Avenue, in the Sydney suburb of Chatsworth. Mr Lederer will acquire the balance of this complex after outlaying about $125 million.

“To partially fund the acquisitions, CMA will undertake a $276m equity raising (CMA Equity Raising). CNI currently holds 23.4% of CMA and has committed to subscribe for its full entitlement in the CMA Equity Raising,” Centuria said in this statement. “In addition, CNI has sub-underwritten $50m of the CMA Equity Raising in support of CMA in funding the Transaction”.

The nine-level Melbourne building, occupied as Ericsson’s head office, includes about 30,000 square metres of area and is next to National Australia Bank’s headquarters.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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