Centuria Industrial REIT Takes $20 Million Gain On $13 Million Purchase (Australian Financial Review)
June 3, 2022 – Australian Financial Review recently reported that Centuria Industrial REIT (CIP) has cashed out of a “lucrative passive investment” in western Sydney, making a profit of more than $20 million on an asset it paid just over $13 million to buy.
The listed investor has redeployed the proceeds into three new acquisitions, including its 10th property at Derrimut in Melbourne’s western suburbs, where it now controls a mix of assets over 25.3 hectares worth an estimated $241 million.
It has acquired nine of these properties since 2019, and is considering more as part of a concerted western Melbourne expansion by CIP that aims to capitalise on anticipated continued rental inflation.
CIP also bought two development sites in the outer suburbs of Perth and Adelaide for a combined $12.4 million.
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