Centuria Metropolitan REIT and Centuria Urban REIT to merge
Overwhelming investor support: 99.9 per cent positive unitholder vote
Centuria’s listed property division today announced it will merge its two listed property trusts, Centuria Metropolitan REIT (ASX: CMA) and Centuria Urban REIT (ASX: CUA).
Separate unit holder meetings conducted this morning saw unitholders for both funds vote to merge their respective REITs with over 99.9 per cent approval.
The merger is consistent with the Group’s strategy to expand CUA and CMA’s investor base and investment portfolio to create Australia’s leading listed metropolitan office REIT.
Nicholas Collishaw, CEO of Centuria’s Listed Property Funds, said “With a total portfolio valued in excess of $600 million and market capitalisation of approximately $430 million CMA presents as a strong candidate for inclusion into S&P ASX 300 index.”
CMA Trust Manager, Nicholas Blake commented “Investors in the expanded CMA will continue to benefit from Centuria Capital’s expertise and dedicated management of metropolitan assets. Within the markets we invest in, we continue to find compelling acquisition opportunities. With the expected financial benefit driven by economies of scale from the merger, CMA should reduce its cost of capital, making additional acquisitions possible.”
CMA was assisted in the merger by Moelis Australia Limited and Minter Ellison. CUA engaged BG Capital Corporation and HWL Ebsworth.
 Based on $2.43 per security