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  • Two industrial facilities in Derrimut, Victoria acquired.
  •  $37.25M with an average initial yield of 5.1%.
  • 4.6-year WALE.
  • Occupied by Volkswagen group and Tasman Logistics.

ASX listed industrial fund, Centuria Industrial REIT (ASX: CIP), today announced the acquisition of two modern industrial facilities in Victoria.

The facilities are an hour west of Melbourne, located in the Derrimut, the properties are situated on 179 Studley Court, and 513 Mount Derrimut Road.

Acquired for $37.25M, Centuria announced the acquisition would have an average initial yield of 5.1%.

Fully occupied, the Studley Court property is currently 100% leased to Volkswagen Group, the Mount Derrimut Road property 100% leased to Tasman Logistics Services.

The weighted average lease expiry (WALE) on the properties are 4.2 years, and 5.0 years respectively.

With a steady recovery from the impact of COVID-19 pandemic, the acquisitions are a positive sign for investors, expanding Centuria to five stabilised assets.

CIP fund manager Jesse Curtis said, “The two Derrimut acquisitions were off-market opportunities that expand the Trust’s critical mass”.

The move also firms Centuria’s position in the market, Mr Curtis said:

“Both assets provide low site cover within an in-demand precinct providing the opportunity to deploy our active management approach to build on CIP’s already high quality portfolio.”

Centuria closed at $3.02 yesterday.

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