inside industrial building
Photo – Canva. The pure plau industrial REIT settles three acquisitions made earlier this year.
  • Settlement covers the three properties acquired at the beginning of 2021
  • Follows a strong acquisition strategy, boosting portfolio value from $1.6B to $2.4B
  • Recent half-yearly announcement included $99.6M in statutory profit

Pure play industrial REIT Centuria (ASX: CIP) announced three settlements to the ASX today.

The company has been hitting sixes since starting 2021, the company seeing resounding wins across the board.

The Property Tribune reported on Centuria’s multiple acquisitions earlier this year, including Visy Glass Plant in New Zealand only two days ago.

Centuria’s half-yearly results were also “solid”, The Property Tribune reported in early February, with 96.7% average rent collection for the half-year reporting period.

Large profits were welcome news to investors, CIP reported statutory profits of $99.6M, and expansions which increased portfolio values to $2.4B, up from $1.636B in the previous corresponding period.

It indicates Centuria’s strong confidence in the industrial property market, and with governments around Australia either pushing for more local manufacturing or touting the benefits of “Made in Australia”, the aggressive acquisition strategy certainly seems to line up with what industrial property could be expecting in the years to come.

Funds from operations (FFO) were also up, $42.8M from $30M in the previous corresponding period; figures were down looking at FFO in per unit terms, however, 8.8, down from 9.9.

Return on equity was also down, 11.9% from 13.4%, but NTA was up by 17 cents, now $2.99 per unit.

This mornings settlement announcement covers the first three property acquisitions for the year, namely 513 Mount Derrimut Road, 179 Studley Court (both in Derrimut, Victoria), and 8 Lexington Drive in Bella Vista, New South Wales.

The properties total $63.5M, the original Derrmiut acquisition announcements were made in late January, Bella Vista in late February.

You May Also Like

“Sydney setting the pace”: CBD office rents march higher

Cushman & Wakefield’s quarterly Office Marketbeat reveals 2.9% quarter-on-quarter uplift in Sydney

Canberra office market shows impressive resilience and growth

The market is underpinned by low vacancy, large developments in the pipeline and strong rental growth

Accenture and Lendlease to expand data insights platform

The platform which uses AI and virtual reality will be expanded to increase digital and in-store visits.

Demand for life science assets on the rise in Australia

Australians are getting older and this is contributing to the increase in demand for life science assets across Australia

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.