Centuria acquires $89 million Edward Street, Brisbane office building

A Centuria subsidiary, Centuria Property Funds No.2 Limited (CPF2L), has entered into an agreement to acquire 348 Edward Street in Brisbane for $89 million.

348 Edward Street is a prominent office building located in the Brisbane CBD, 60 metres from Central Railway Station and near surrounding amenity including the Brisbane Private Hospital, Brisbane Magistrate Court and the regenerated Queen Street Mall precinct.

The asset has a 5.1 year WALE4 and is 89% occupied.

“This transaction grows our unlisted fund opportunities to $216 million in FY20 year to date," Jason Huljich, Joint CEO of Centuria, said.

"Additionally, Centuria’s listed office REIT, CMA, has recently committed to acquire two A grade office assets for $380 million and successfully completed a $206 million institutional placement and entitlement offer on 19 September 2019 supporting these purchases."

Centuria’s listed industrial REIT, CIP, has also settled four recent acquisitions for a total consideration of around $80 million since 30 June.