Centuria Capital Group (AU:CNI) has released an update.
Centuria Capital Group has acquired Halls Head Central, a shopping center in Western Australia, for $70 million, which will be part of a new wholesale fund offering an 8.00% starting yield with monthly distributions. The acquisition, made at approximately 40% below replacement cost, offers potential development opportunities and a five-year initial term for the fund, targeting a $41 million equity raise. This strategic purchase adds to Centuria’s considerable $3.2 billion retail asset portfolio, capitalizing on Western Australia’s robust retail market fundamentals.
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