Centuria Capital Group (ASX:CNI) has completed its acquisition of the property funds management platform of 360 Capital Group. Also acquired was the 360 Capital Industrial Fund (ASX:TIX) and 360 Capital Office Fund (ASX:TOF).
Centuria says this transaction makes it now one of the largest property funds managers in Australia – with $2.8 billion in property funds under management.
In addition, the 360 Capital Office Fund will be renamed Centuria Urban REIT, while the 360 Industrial Fund will be renamed Centuria Industrial REIT.
The company also says, if market conditions are favourable, it might put forward a merger proposal involving Central Metropolitan REIT (ASX:CMA).
Centuria Capital posted a net profit of $12.1 million at 30 June 2016.