Centuria acquires Perth-based industrial facility for $39m
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The news: Real estate funds manager Centuria Capital Group has acquired an industrial facility in Canning Vale, Western Australia, for $38.6 million from its wholesale Centuria Select Opportunities Fund (CSOF).
The numbers: Located 22km south of the Perth CBD, the Canning Vale facility includes two freestanding warehouses, which are 100% leased to AAA Trailers and the Australian Electoral Commission.
The context: Centuria said the acquisition marks the largest industrial transaction by value in Perth since December 2023, and it is the only institutional-grade asset in Perth to be marketed during the past 24 months.
Centuria raised funds from its wholesale investor network in late 2023 and, during a 15-month deployment window, it has now secured its fourth asset bringing the CSOF portfolio value to around $100 million.
What they said: "Centuria is pleased to secure our fifth Canning Vale asset – a market that continues to benefit from a significant supply-demand imbalance and exceptional rental growth," said Jesse Curtis, Centuria's head of funds management.
"In fact, Perth has experienced the strongest industrial rental growth of all national markets in 2024 due to extremely limited vacancy.
"With limited new supply coming to market, and an expanding local population, we believe these positive tailwinds will persist in the medium term."
The source: Centuria media release
