Centuria Industrial Property Fund To Raise $325 Million For Major Portfolio Expansion (Business News Australia)
September 23, 2021 – Centuria Industrial REIT has entered into agreements to acquire eight freehold assets for $351.3 million, backed by a proposed capital raise that will give investors the opportunity to buy shares at a 5.2 per cent discount.
The eight acquisitions are anchored by a $200.2 million distribution centre located in the central-western Sydney infill industrial market of Fairfield, along with seven other urban infill assets worth $151.1 million.
The seven properties are diversified across key industrial sub-sectors and include distribution centres, cold storage and transport logistics.
To partially fund the shopping spree, CIP will raise $300 million via an underwritten institutional placement with units offered at a price of $3.80 – a 5.2 per cent discount to the CIP closing price of $4.01 per unit on 22 September.
Additionally, a non-underwritten unit purchase plan will see CIP bag a further $25 million, bringing the total funds to be raised to $325 million.
CIP says the suite of properties in New South Wales, Victoria, Queensland and Western Australia are just the beginning of its acquisition frenzy, noting it has a line of sight to a number of other off-market opportunities and is in due diligence on more than $100 million of further potential acquisitions.
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