COFs Q1 FY24 update shows increased leasing activity in Australia

Centuria Office REIT (ASX: COF) has released its Q1 FY24 update, indicating the positive impact of increased leasing activity in various Australian office markets. Grant Nichols, COF Fund Manager and Centuria Head of Office, highlighted the continued strong demand in markets such as Brisbane and Perth, leading to positive net absorption.

Research over the past year revealed that COF's portfolio, primarily consisting of A-Grade assets with an average age of 17 years and a high 4.9-star NABERS SPI energy rating, aligns with areas experiencing robust occupier demand. COF achieved a remarkable 96.7% occupancy, leasing 5,397sqm in seven transactions. They earned a 4-star GRESB rating, affirming sustainability efforts. FY24 projections stand at 13.8 cents per unit FFO and a 12.0 cents per unit distribution, with a 10.7% yield. COF divested 35 Robina Town Centre Drive for AU$40 million on August 31, 2023.

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