Centuria Industrial REIT secures 83,000sqm lease extension

Centuria Industrial REIT secures 83,000sqm AWH lease extension

Centuria Property Funds No.2 Limited (CPF2L) as Responsible Entity of Centuria Industrial REIT (ASX:CIP) is pleased to announce it has renewed leases with AWH Pty Ltd (“AWH”) at the Trust’s existing asset, 310 Spearwood Avenue, Bibra Lake WA (44,296sqm), and the recently acquired adjoining asset at Lot 14 Sudlow Road (39,485sqm).[1]

AWH is the largest tenant in CIP’s portfolio, occupying 11% of its GLA[2]. This agreement will extend AWH’s tenure by an average of 5.6 years across both properties, significantly reducing CIP’s FY20 lease expiry profile. The new term will come into effect upon settlement of Lot 14 Sudlow Road, Bibra Lake.

CIP Trust Manager, Mr Ross Lees commented “As one of Australia’s largest occupiers of industrial real estate, AWH is an important customer in CIP’s portfolio. The agreement reached with AWH was built on our existing relationship and demonstrates our ability to understand and meet the future accommodation needs of our customers.”

[1] CIP exchanged contracts for the acquisition of Lot 14 Sudlow Road on 29 June 2017 with settlement expected on 29 September 2017.
[2] As at 31 December 2016 pro-forma adjustments to reflect the sale of 60 Marple Avenue, Villawood and the purchase of 207 Browns Road, Noble Park and Lot 14 Sudlow Road, Bibra Lake.