Centuria expands into Brisbane occupying its very own 348 Edward Street property
- New State General Manager appointed for Centuria’s Brisbane expansion.
- ~20% of Centuria’s AUM is now made up of Queensland properties
- Queensland portfolio value of ~$1.6bn with over 100 tenants
Centuria Capital (ASX:CNI) has expanded its Brisbane presence, and is opening a centrally located office in its very own 348 Edward Street property, which was acquired by Centuria in late 2019 for $89 million.
Centuria’s current Queensland portfolio consists of 43 assets with over 100 tenants and a portfolio value of ~$1.6bn. The strong growth in AUM across the Queensland market over the past 12-18 months has made the opening of the Brisbane office a logical move and is consistent with Centuria’s philosophy to provide full asset management services across its portfolio where feasible.
The office opens in March 2020 with an initial headcount of nine staff and will include the newly appointed General Manager of Queensland, David McGuigan, formerly CBRE’s Head of Asset Management. Commenting on the new position, David McGuigan said “with the proven growth and growth targets that Centuria are looking to achieve in South East Queensland, as well as the belief in a hands-on approach to managing property, it is perfect timing to establish a Brisbane presence and maintain a local presence”.
Jason Huljich, Joint CEO for Centuria adds “with the Brisbane market already contributing ~20% of the Group’s AUM, the opening of the office is in line with the company’s strategy to accelerate AUM growth, with Brisbane a favoured market. Direct asset management is part of Centuria’s DNA”.
“The new Brisbane based team, including asset management, property management, facilities management and distribution staff, are excited about the opening of the 348 Edward Street office and look forward to further expansion of the group in the state.”