Centennial says multistorey is an option for a logistics site in Brookvale acquired from Centuria, while it may expand another site bought from Charter Hall.
Sydney-based fund manager Centennial has grown the value of its Brookfield-backed logistics fund to almost $300 million after acquiring three logistics sites from ASX-listed fund managers Charter Hall and Centuria at small discounts to their book value.
The assets were sold out of Charter Hall’s unlisted Direct Industrial Fund No.4, which owns $3.5 billion of assets. for $83.6 million, equating to about a 2.2 per cent discount to their December valuation of $85.5 million. Tenants of the three warehouses include Woolworths, Fujifilm and Services NSW.Centuria paid $40.5 million in 2012 for the Brookvale properties, which formed the backbone of its unlisted Pittwater Road Trust.
They take total acquisitions to $293 million after Centennial seeded the fund with three distribution centres in Brisbane and Melbourne and an industrial park in Brisbane it already owned. A further $50 million of assets are in due diligence.Centennial executive director and head of logistics Paul Ford said there had been a moderation in asset pricing following a softening in capitalisation rates while rents had held firm.
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