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Image: Canva, Centuria Capital Group.
  • Inner city Sydney site to become hospital
  • End value expected to be above $160M
  • Cameron Park Plaza acquired for over $60M

Centuria Capital Group (ASX: CNI) today announced the acquisition of $223 million of assets on behalf of existing institutional partnerships.

Alexandria hospital

One of two acquisitions announced today, CNI has secured a circa 3,000 square metre site located at 28-32 Bourke Road in New South Wales suburb of Alexandria.

The property is currently a single-storey light industrial building but will become a circa 10,500 square metre, seven-level, purpose-built hospital complemented by allied health operators.

Currently forty three per cent pre-leased on a fifteen year term, the property is expected to have a $163 million end value, bringing the healthcare real estate focussed joint venture, Centuria Prime Partnership, to four properties with an estimated end value on completion exceeding $372 million.

The joint venture is with an investment vehicle sponsored by Morgan Stanley Real Estate Investing.

Jason Huljich, Centuria Joint CEO, said, “Alexandria benefits from its proximity to Sydney’s CBD while providing significantly sized land parcels that are ideal for private hospitals, which require large floorplates and multiple levels. This is a rare opportunity to deliver new, bespoke healthcare infrastructure in such a central location for Sydneysiders, which is why we are confident it will attract other allied health operators seeking to co-locate at the hospital.”

Cameron Park Plaza

Acquired via a daily needs retail partnership with a global institutional investor, Centuria has secured a $60.25 million shopping centre in Cameron Park, New South Wales.

Cameron Park Plaza is located at 73 Northbridge Drive, 17 kilometres west of the Newcastle CBD, and was constructed in 2020 by Woolworths Group’s development business Fabcot.

Spread across 7,037 square metres of space, the centre is anchored by a full line Woolworths supermarket along with three mini-major tenants, 17 specialist stores and two kiosks. All of the asset income is underpinned by non-discretionary tenants and 70% is leased to ASX listed and national chain tenants.

Mr Huljich, said, “Centuria continues to source and execute prime real estate acquisitions that attract high-calibre operators while meeting the requirements of our existing institutional capital partnerships. We will continue to expand our institutional partners’ high-quality portfolios with existing real estate and fund-through opportunities across geographically diversified markets.”

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