Centuria JV Secures AU$223 million Allendale Square Office Tower

Centuria Capital Group (ASX: CNI) announced that it had acquired a 50% stake in an A-Grade Perth office building for a total purchase consideration of AU$111.5 million on a 7.25% capitalization rate. The purchase of Allendale Square will create a new, unlisted single-asset close-ended wholesale property fund, Allendale Square Fund, giving an early five-year tenure. The Fund has a minimum entry investment of AU$100,000, and the company is looking to raise approx. ~AU$70 million to launch the Fund.

The well-known 31-storey office building, Allendale Square, located within the heart of Perth’s CBD at 77 St George’s Terrace, has a 5.9-year Weighted Average Lease Expiry (WALE) and 85% occupancy. Centuria Capital Group has purchased the asset in a 50:50 JV partnership with MA Financial. The transaction is part of the company’s counter-cyclical investment strategy.

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