Centuria acquires Arrow Funds Management

• • Centuria’s agriculture AUM grows to $1.3bn, up 85% since FY26 commenced
  • Additional $444 million of Agriculture AUM
  • Acquiring fund manager Arrow Funds Management
  • Transaction is based on a 5.5x EBIT multiple, post synergies

Australasian real estate funds manager, Centuria Capital Group (ASX: CNI or “Centuria”), has acquired the management rights to the unlisted agricultural real estate fund, Arrow Primary Infrastructure Fund (“APIF”, “Fund” or “Arrow”) increasing its agriculture vertical to $1.3 billion.

Centuria is acquiring agriculture fund manager, Arrow Funds Management, which is the responsible entity for APIF and its stapled operating fund, Arrow Operations Trust.

The off-market acquisition is accretive to Centuria’s future earnings profile, representing a 5.5 times EBIT multiple post synergies being implemented.

APIF comprises a portfolio of 22 properties worth $444 million with a 12.7-year WALE as at 30 June 2025. The assets are leased to leading Australian primary production tenants, including Baiada Poultry Group, Select Harvests, Nutrano Group, Pace Farms and SunPork Group.

The Fund’s assets include poultry farms, a pork fattening facility, almond and macadamia orchards, mango orchards, dried fruit vineyards and an organic glasshouse. Centuria’s existing agriculture division spans a range of commodities and geographies and there is a clear opportunity to support APIF’s further growth via Centuria’s investor network.

John McBain, Centuria Joint CEO, said, “This acquisition adds further scale and operational expertise to Centuria’s agriculture division. Centuria’s growth in agricultural real estate has been part of a deliberate strategy to diversify into high conviction alternative real estate sectors, which we commenced in the post-COVID period and have subsequently scaled beyond $1 billion of AUM.

“Centuria has an established record for successfully integrating complementary funds management businesses and we look forward to offering APIF’s private clients the same high level of service they have enjoyed in the past. Centuria has a mature private client investor base, which has supported its funds management platform for more than 30 years and we are experienced in understanding and responding to the specific needs of private investors.”

Jason Huljich, Centuria Joint CEO, added, “We look forward to meeting the Arrow investors in person and gaining a better insight into their investment goals. We also anticipate being able to offer carefully selected agricultural investment opportunities to enhance the Arrow portfolio by applying the proven disciplined methodology that has guided Arrow’s achievements over the years.

“We warmly welcome Arrow investors to the Centuria fold. Arrow has been led by an experienced, agricultural specialist, Andrew Ashbolt. We are delighted to welcome Andrew to our APIF Investment Committee where he will work alongside our team to ensure legacy knowledge is retained and investor relationships are maintained seamlessly.”

APIF assets are located throughout New South Wales, Victoria, South Australia and the Northern Territory and are predominantly leased on annual CPI-linked rental escalations.

Andrew Tout, Centuria Head of Agriculture, added, “This transaction delivers major geographic and commodity diversity, focused on efficient protein production by Australia’s leading farmers. We look forward to working with the Arrow Team to drive stability and growth.”

The acquisition will be funded using existing cash and undrawn debt.

The existing Arrow management team will all transition across to Centuria and the Arrow Funds Management CEO, Mr. Andrew Ashbolt, will assume a new position on Centuria’s APIF investment committee, assuring seamless service delivery to clients.