CENTURIA Metropolitan REIT has settled its $520.9 million acquisition of four east coast commercial properties from US-based Hines Global REIT.
The assets include 818 Bourke Street in Melbourne’s Docklands, 825 Ann Street and 100 Brookes Street in Fortitude Valley, on Brisbane’s city fringe, and a 25% interest in 465 Victoria Street in Sydney’s lower north shore suburb of Chatswood.
“The acquisition is in line with CMA’s strategy to acquire quality, fit for purpose metropolitan assets,” CMA acting fund manager, Doug Hoskins said.
CMA’s portfolio now consists of 23 assets valued at around $1.5 billion, with a WALE of 4.2 years, and occupancy of around 99%. To partially fund the acquisition, it launched a $276 million equity raising.
The interest in 465 Victoria Street alongside The Lederer Group, which will take the remaining 75%.
Australian Property Journal