Centuria Capital lifts stake in finance business to 80%
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The news: Real estate funds manager Centuria Capital Group has acquired an additional stake in real estate finance business Centuria Bass Credit as it bets on growth in the non-bank lending segment.
The numbers: Centuria will increase its original 50% stake to 80% for a consideration of $57 million, payable equally in cash and stock, with the shares issued at $1.775 each. Centuria Capital were 0.1% higher at $1.778 during early trading on the ASX.
The context: The real estate fund manager first acquired a 50% stake in Centuria Bass in 2021. The business has since grown, with assets under management rising from $300 million to $1.7 billion.
The business is now positioned to increase its non-bank lending market share with new real estate investment products to complement Centuria’s distribution platform.
What they said: “We retain high conviction over this asset class and are focused on broadening the range of real estate debt offerings to our investor network,” Centuria Capital joint CEO John McBain said in a statement.
The source: ASX announcement
