- Centuria has made its 13th acquisition this financial year, totalling $784M so far
- CIP has acquired a distribution centre in Arndell Park, Central Western Sydney, for $27M
- The purchase was secured on a 2.2-year Weighted Average Lease Expiry (WALE)
The largest ‘pure-play’ ASX-listed real estate investment trust (REIT) Centuria Industrial (ASX: CIP) has announced another acquisition, with the purchase of a distribution centre in the tightly held infill industrial market of Arndell Park, in Central Western Sydney, for $27 million.
In advertising literature, the site is described as having “excellent access to Sydney’s motorway network, … ideal for a range of warehouse, distribution and manufacturing uses.”
This acquisition takes Centuria’s buying activities to $784 million in the current financial year 2021, across 13 assets.
“The acquisition is CIP’s second strategic, infill Sydney industrial transaction within seven weeks, having recently completed on a Bella Vista warehouse,” said Jesse Curtis, Centuria Industrial Fund Manager.
“The high-demand Arndell Park market is characteristic of limited warehouse stock and benefits from its infill location, close to major infrastructure. It increases CIP’s exposure to Sydney’s central-western industrial market and supports the REIT’s strategy of securing high-quality industrial assets within infill markets.”
Jesse Curtis, Centuria Industrial Fund Manager
The acquisition will be funded using existing debt and the settlement is expected to complete in September this year.
The purchase was secured on a 2.2-year Weighted Average Lease Expiry (WALE), fully let to civil and construction infrastructure supplier JaybroPty Ltd.
Located at 29 Penelope Crescent, Arndell Park, the property includes 9,400sqm of generic industrial space within a 1.9-hectare site (49% site coverage). It is in close proximity to CIP’s existing 8 Penelope Crescent warehouse.
Centuria Industrial is included in the S&P/ASX 200 Index, and has a portfolio of industrial assets situated in metropolitan locations around Australia.
