Fund manager Centuria Capital has doubled its debt issuance to $100 million after the initial offer was oversubscribed.
Centuria will use the proceeds to repay a $50 million vendor loan to 360 Capital Group and to support Centuria’s REIT co-investment program.
The debt issuance follows Centuria’s buyout of the 360 Capital Group real estate platform established by Tony Pitt in a $290 million deal last year.
‘We have been overwhelmed with the level of support from both the debt markets and the managers to the issue,” said Centuria chief executive John McBain.
‘We believe the offer is unique, in that Centuria acted as a co-manager, thus affording access to the notes by our investor network, who bid strongly into the book”
The revision is the result of better-than-expected earnings from Centuria’s now-settled Belmont Road project in Mosman. and the launch of the $106 million Centuria Sandgate Road fund.