Image – The Property Tribune, Primewest.
  • Offer extended from 17 June to 24 June
  • Centuria now own 76% of Primewest
  • The merged group worth more than $16B

Back in April, The Property Tribune reported Primewest (ASX: PWG) received a merger and takeover offer from Centuria Capital Group (ASX: CNI).

The $600 million deal was set to create a combined group that will have $15.5 billion in assets. That will make the resulting group the fourth largest of its kind behind Dexus, Charter Hall Group and Goodman Group.

ASX Listed Real Estate Funds Manager Peer Set (External AUM $bn)

centuria primewest combined size comparison graph
Image – Centuria Capital Group.

Centuria said the date of the offer will come officially on 17 May 2021, with the offer closing, unless extended or withdrawn, on 17 June.


Centuria went to market with news the company extended the offer period and notified Primewest of a variation in the deal.

No longer 17 June, the offer period is now pushed back to 24 June 2021.

Centuria also noted two defeating conditions from Section 2 and 11 regarding Primewest option holders and change of control had been fulfilled.


The offer made to Primewest has now been declared unconditional.

Since the offer opened in mid-May, Centuria has now acquired a 76% share in Primewest, amounting to 301,706,810 securities in the company.

CNI has also “waived all remaining defeating conditions (with Primewest having consented to the waiver of the minimum acceptance condition) and has declared the Centuria Offer unconditional.”

The previous figure of a combined group asset value of $15.5 billion has also shifted, John McBain, Centuria Joint CEO, said:

“[the combined group] will be amongst the largest real estate fund managers on the ASX with over $16billion of assets under management.”

John McBain, Centuria Joint CEO

Primewest has since accepted the offer, the board unanimously recommending PWG security holders accept the Centuria offer.

” All Directors of Primewest have accepted the Offer in respect of Primewest securities they hold or control.”


CLW opened at $2.74 today and at lunch is trading at $2.69; PWG opened at $1.47 and is now $1.46.

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