10 Spring Street, Sydney

 Acquisition Price  $91.6 million
 Sale Price  $270.1 million
  • Acquired in 2013 for $91.6m.
  • 19% vacant at acquisition, sold with 100% occupancy.
  • Centuria split and refurbished these vacancies achieving 100% occupancy within 18 months.
  • Improved the amenities of the building, as well as the retail arcade, with a comprehensive refurbishment and repositioning.
  • Increasing average passing office rental levels by ~32% due to increased tenant demand and as a result of the works completed by Centuria.
  • Sold in September 2017, generating a capital return to investors in excess of $3.00 per unit, and an average income return of 8.0% per annum..

Important information – Sales case studies. Past performance is not indicative of future performance – Case studies on recent sales provide a selection of historical information relating to the sale of a particular property. The case studies are in summary form only and have no correlation to any other property or fund. Where the case study relates to a single asset trust, total returns to unitholders have been provided in the case studies. Total returns include capital gains as well as distributions paid during the life of completed funds shown on a per annum basis. Properties that do not include total returns form part of a multi-asset trust. Performance has been determined after the properties are wound up. Each fund managed by Centuria Property Funds will have different characteristics, properties and risk and should be assessed by an investor independently of the performance of completed funds. Average per annum returns calculated at the completion of a fund does not take into account returns in any particular year and current or future funds may experience fluctuations in asset values and distributions during the life of a fund.

*Past performance is not indicative of future performance. Annualised total return of 13.21% is current as at 24 October 2017 and is the average of returns across all funds managed to completion (all real estate assets sold and debt repaid) by Centuria Property Funds Ltd as responsible entity/trustee since 1998 and includes capital gains as well as distributions paid during the life of completed funds shown on a per annum basis. The annualised total return does not represent the current performance of any of Centuria’s funds currently under management. Each fund managed by Centuria Property Funds will have different characteristics, properties and risk and should be assessed by an investor independently of the performance of completed funds. Average per annum returns calculated at the completion of a fund do not take into account returns in any particular year and current or future funds may experience fluctuations in asset values and distributions during the life of a fund.