CNI platform acquires $645 million Hines office portfolio

10 October 2018

Centuria Metropolitan REIT (CMA) and the Lederer Group have entered into agreements to acquire $645 million of four high quality office assets from a subsidiary of Hines Global REIT, Inc.

CMA will acquire three assets (818 Bourke Street, Melbourne, 825 Ann Street and 100 Brookes Street, Fortitude Valley, Brisbane) and a 25% interest in 465 Victoria Avenue, Chatswood, Sydney for $501 million.

The Lederer Group will acquire the 75% balance of the Chatswood asset for approximately $125 million via a co-ownership agreement.

This is the third successful direct asset partnership with the Lederer Group this calendar year, following the acquisition of 201 Pacific Highway, St Leonards and 80 Grenfell Street, Adelaide. Centuria now manages over $300 million of direct real estate assets on behalf of the Lederer Group.

John McBain, CEO of CNI, said:

“This transaction represents another step change for the Centuria platform. The significant increase in high quality assets under management and the major co-investment in CMA (circa $78 million) is testimony to CNI’s strong, ongoing commitment to its funds management vehicles.”

“Post equity raising, CNI’s market capitalisation will increase to over $500 million, making CNI the 247th largest ASX company and further enhancing potential inclusion in the ASX300.”

“We are also delighted to invest alongside the Lederer Group for the third time this calendar year, they are a substantial and important investor in the Centuria platform and we welcome their continued interest”.

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