Centuria 8 Central Avenue Fund No.2 awarded Best Unlisted Fund for 2015 at the 21st Annual PIR Property Funds Industry Forum 2015
Sydney, 20 October 2015: Centuria Property Funds Limited’s 8 Central Avenue Fund No. 2 received the prestigious Unlisted Property Fund of the Year 2015 accolade at the recent Property Investment Research awards.
The Fund is a single-asset closed-end fund, and was the most heavily over-subscribed in Centuria’s history, and it was previously awarded an AA+ rating by PIR, widely seen as a vote of confidence in Centuria’s ability to select quality commercial properties for investors.
Commenting on the award, Jason Huljich, Centuria’s CEO – Unlisted Property Funds, said that he was really pleased that the quality of 8 Central Avenue had been acknowledged by this prestigious award.
“It really reinforces our positive view of 8 Central Avenue and the entire ATP precinct. The building has an excellent lease profile, and is performing well for our investors, offering long-term income security, low leasing risk, and attractive forecast distributions of 8.5% in year 1 and 8.75% in year 2,” he said.
8 Central Ave forms part of the 13 hectare Australian Technology Park and is a premium office building comprising 36,451 sqms of office and studio space as well as undercover parking for 342 cars. It is leased to blue chip tenants including Channel 7, the NSW State Government and Global Television Services. The Weighted Average Lease Expiry (WALE) is over 11 years with approximately 55% of the gross income secured to 2029.
Dinesh Pillutla Managing Director of Property Investment Research said “The unlisted property fund of the year is awarded based on a number of funds researched by PIR over the last 12 months. Centuria’s 8 Central Avenue Fund No.2 rated well on several metrics – at the property level, and at the Fund level.”