04/12/2018 - 15:49

Centuria in $24m WA buy

04/12/2018 - 15:49

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ASX-listed property investment fund Centuria has acquired two adjacent industrial properties in Perth’s eastern suburbs for $23.8 million.

Centuria in $24m WA buy
AES Equipment Solutions provides manufacturing and maintenance services.

ASX-listed property investment fund Centuria has acquired two adjacent industrial properties in Perth’s eastern suburbs for $23.8 million.

Under the deal, Centuria has purchased adjacent properties at 155 Lakes Road and 103 Stirling Crescent in Hazelmere.

The Stirling Crescent property is occupied by NRW Holdings subsidiary AES Equipment Solutions, which provides manufacturing and maintenance services.

The other property is leased by G&G Mining Fabrication.

“The property is considered strategic for both of its tenants, which are subsidiaries of blue-chip ASX-listed tenants,” Centuria said in a statement to the ASX.

“Furthermore, the property is a unique metropolitan site with road train access and is well located in close proximity to key infrastructure including the Perth Airport and is adjacent to the intersection of the Great Eastern Highway bypass and Roe Highway.”

The properties have a low site coverage of 17 per cent.

The company also announced a $51 million capital raising to fund the purchases, which also included a $30.6 million acquisition in Queensland.

Shares in Centuria last changed hands at $2.86 each.

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