Strengthens leadership team in preparation for new property growth cycle
Andrew Essey appointed to the newly created Chief Investment Officer position
Jesse Curtis promoted to Head of Funds Management
New Fund Managers for CIP and COF; new Head of Transactions
Centuria Capital Group (ASX: CNI or “Centuria”) has strengthened its senior management structure with a number of internal promotions,
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Harnessing tailwinds from real estate finance, agriculture and industrial sectors
Focused on outperforming industrial sector and expanding alternatives: real estate finance, agriculture
Increased development pipeline to $2.3bn, concentrated in supply constrained markets
$2.1bn institutional capital bolstered by $500m Starwood industrial mandate
HY24 delivered operating earnings per security (OEPS)
1of 6.1cps, Distribution per security (DPS) of 5.0cps
Reaffirmed FY24 OEPS guidance of 11.5-12.0cps,
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51% re-leasing spreads
1 achieved within HY24, driving strong FFO
FY24 earnings (FFO) guidance upgraded to 17.2cpu
2
51%
1 re-leasing spreads achieved during HY24 across 108,821sqm
3
$1.0bn development pipeline
4 identified over the next five years
Australia’s largest listed pure-play industrial REIT, Centuria Industrial REIT (ASX:CIP),
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Within the past 12 months, Centuria has implemented the use of a new vendor management software system, Rapid Global, to ensure all onsite building suppliers, contractors and third-party personnel (‘vendors’) have valid documentation to conduct work on Centuria’s real estate assets. It ensures mandatory and regulatory obligations are met including compliance with the supplier’s Building Services Agreement and associated modern slavery requirements.
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Revenue and earnings supported by strong capital management
Agriculture increased 33% to $530m, Real Estate Credit increased 59% to $1.27 billion
$21 billion Group AUM
1: Unlisted funds $13.8 billion (+6%pcp); Listed funds $6.4 billon
Statutory net profit after tax jumped to $105.9m
2 (FY22: -$37.9m); Operating EBIT up 7.5%; 10.6% gearing
$1.4 billion gross real estate activity
3;
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Improved portfolio occupancy to +97%
1, maintained 4.2 year WALE
2, 23 assets worth $2.2bn
Strong leasing activity totalling 42,686sqm across 62 deals
Healthy balance sheet: 36.7% pro forma gearing following recent divestments, 69.1% hedging
Strong liquidity: $225m refinanced, $115.5m facility headroom
3, 3.2 year WADE
4,
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Centuria’s in-house development division provides an essential role in delivering our listed and unlisted funds with new assets to expand and enhance their portfolios. In recent years this has included new industrial, retail, commercial office and healthcare properties, in addition to redeveloped and refurbished assets.
With each new development, the team values certain sustainability initiatives it knows adds value to all stakeholders.
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20-year experienced, Nick Hunt to oversee WA Centuria business, consisting of c.70 personnel
1, and a $4.3 billion
1 multi-sector WA real estate portfolio across 88 assets
Appointment enables, Bruce McCully, to focus on growing Centuria’s retail portfolio
New WA structure provides further scope for retail sector and regional growth opportunities.
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Diversification can be beneficial, but when done properly with the appropriate expertise, it can be exceptional.
This article was published by Livewire Markets on 23 May 2023.
Diversification is often cited as one of the key benefits of investing in property. And whilst it is indeed a benefit, retail investors often only scratch the surface.
Most who invest in residential property do so to diversify away from equities or managed funds.
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$12.75 million sale illustrates continuing strong investor demand for infill industrial facilities.
Current southeast Brisbane industrial market vacancy at 0.5%
2, driving strong rental growth.
100% occupied by Akzo Nobel Pty Ltd on a five year term
3 across 3,415 sqm NLA.
Secured by a private investor from a Centuria unlisted vehicle.
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