Strategic Acquisitions and Equity Raising for Centuria Industrial REIT
Centuria Industrial REIT (ASX:CIP) has entered an agreement to acquire two high quality industrial assets at 46 Robinson Road East, Virginia QLD and 23-41 Galway Avenue, Marleston SA. Both are 100% leased to Arnott’s Biscuits Limited. These additional assets expand CIP’s portfolio value to $1.5 billion, significantly enhance the portfolio’s WALE, introduce a new national tenant to the fund and provide increased exposure to infill markets with close proximity to major infrastructure, reiterating CIP’s position as Australia’s largest pure play industrial REIT.
CIP Fund Manager, Mr Jesse Curtis commented: “The acquisitions are 100% leased to Arnott’s, an iconic Australian brand with the leading market position in the manufacture and supply of Australian biscuits. The assets contain significant “mission critical” infrastructure that is core to the tenants ongoing operations.”
The 46 Robinson Road asset in QLD, is a modern, purpose-built manufacturing facility with warehouse and office improvements, multi-level car park, driveways and vehicle manoeuvering areas. Its location provides excellent access to the Gateway and Southern Cross Motorways, and is in close proximity to Brisbane Airport and the Port of Brisbane. Whilst 23-41 Galway Avenue, Adelaide SA comprises an extensive factory, workshop, administration area, staff canteen, storage and silo housing. It’s located strategically between the Adelaide Airport and CBD with immediate access to the A2 and A6 motorways and Anzac Highway and occupies a full block with four street frontages.
Both assets feature long term, triple net leases with a combined WALE of 27.7 years and fixed annual rental reviews supporting CIP’s future income streams.