Centuria sheds another Canberra asset
Centuria has sold a Canberra warehouse held eight years by its Industrial REIT (CIP).
The Grace Removals occupied asset with 8689 square metres on 1.8 hectares at 54 Sawmill Circuit, Hume, fetched $28.1 million.
The result is a rise on the December, 2023, book value of $23.3m.
When Centuria bought it, the property was priced at $15.3m assuming a 7.25 per cent capitalisation rate.
Proceeds will repay debt.
Also today we are reporting the fund manager is buying a Perth data centre – again for CIP.
Centuria reweighs
The Hume sale comes six weeks since we reported Centuria offloaded two A-grade offices, in the Canberra CBD and Maroochydore, for a total $53.8m (story continues below).
Last July it divested another Canberra city commercial investment, 54 Marcus Clarke Street, for c$23m.
“The Hume divestment is demonstrative of CIP’s strong track record for divesting assets at or above book values,” fund manager and head of the group’s Listed Funds arm, Grant Nichols, said.
“Throughout FY24, the REI has divested $120m of non-core industrial facilities at an average premium to book value of four per cent,” he added.
“The strategic divestments improve the quality of CIP’s portfolio construction while realizing the benefits of value-add strategies for our unitholders,” according to the executive.
“The Hume transaction also illustrates the REIT’s portfolio liquidity and underpins its Net Tangible Asset (NTA) backing”.
Subscribe to our newsletter at the bottom of this page.
