- Comes 13 months after entities merged
- WA platform increased to $4.2 billion, 22% of Centuria's real estate AUM
- Recent WA acquisitions include Byford Village Shopping Centre
Today, Centuria (ASX: CNI) announced that Primewest has officially adopted the brand of its parent company. The rebranding comes 13 months after the entities merged, with Centuria’s West Australian platform now totalling $4.2 billion, which accounts for 22% of the Group’s entire Australasian real estate AUM.
David Schwartz, John Bond and Jim Litis, who founded Primewest in 1995 said, “This is a new era for our company and we believe, now that our investors are familiar with the wider Centuria Group, it is an ideal time to change to the Centuria brand.
“With a number of new colleagues joining the fold, it also made sense to come under the one umbrella with our co-workers across east coast Australia, New Zealand and The Philippines.”
When the WA business merged, it brought three new real estate verticals to the wider group: Daily Needs Retail, Large Format Retsil, and Agriculture. The Group’s balance sheet facilitated further growth across these sectors with Daily Needs Retail expanding 39% to $1.8 billion, Large Format Retail increasing 23% to $1.6 billion, and Agriculture growing 300% to $0.4 billion.
The company has also significantly invested in its Perth team, growing 37% to 85 personnel. Centuria has relocated to Level 27, 140 St Georges Terrace to support this.
John McBain and Jason Huljich, Centuria Joint CEOs, added “Since the Primewest business merged with Centuria, our collective real estate platform has grown beyond our expectations, especially across our newer real estate sectors.
“This is largely thanks to the talented WA team. Together, we have one of the largest and most successful capital transactions teams in the nation in addition to a significant facilities and property management teams who are at the coalface of tenant relationships.
“We both have immense respect for David, John and Jim who continue to lead our WA colleagues and intend to do so for the foreseeable future.”
Within the past year, the WA team acquired several local assets, including the $71 million Northgate Shopping Centre in Geraldton, the $34 million Byford Village Shopping Centre, and more recently, a 50% interest in the Allendale Square office tower.
Other recent moves include a six-vineyard portfolio acquisition for the Primewest Agriculture Trust No. 1 and the launch of Primewest Agriculture Trust No. 2, seeded with the $54 million Moora Almond Orchard in Hillston, NSW.
