- Acquisition of $26.25M warehouse in Bella Vista NSW.
- Third acquisition for 2021, two made in Victoria during January
- Total acquisitions for FY21 to 12 assets, worth $757.2M
The strength of commercial real estate has been baffling punters, with many expecting serious deficits from the pandemic to hit bottom lines hard.
Instead, the market has been booming, and hasn’t stopped one of those companies Centuria (ASX: CIP).
Centuria have made another acquisition this year, this time in NSW.
The Bella Vista Warehouse is about half an hour north-west of Sydney, 10 minutes from Blacktown and the Hills.
Worth a total of $26.25M, the acquisition takes Centuria to 12 properties for the financial year, which is yet to come to a close, with assets now worth more than $757M in total.
Centuria said in a statement, “The off -market acquisition was secured on a short 0.5-year Weighted Average Lease Expiry (WALE), providing a value-add opportunity to reposition the asset.
The property, located at 8 Lexington Drive, Bella Vista, provides a 7,678sqm warehouse and 591sqm modern office, with less than 50% site coverage.”
It’s a tough market in Sydney, but flexibility of the site is appealing says CIP Fund Manager Jesse Curtis:
“This acquisition increases CIP’s exposure in the tightly held Sydney industrial market.Using our in-house capabilities, CIP has a strong track record in delivering value-add opportunities and this latest asset adds to our existing pipeline. Being a high-profile location, in a true infill area, the asset will appeal to a broad range of potential users.”