Centuria divests $71m of Central Coast retail
Make us a preferred source
Make us a preferred source on Google
The news: Real estate funds manager Centuria Capital Group has divested two retail centres on the NSW Central Coast as a part of its end of fund term exit strategy.
The numbers: Belmont Citi Centre was held since 1996 and is being sold for $40 million, representing an expected internal rate of return of 15%. Lisarow Plaza has been held since 2017 and is being sold for $31 million.
The two centres were held by separate unlisted Centria funds that reached their full term. The funds will be wound down following settlement in June 2025.
The context: Centuria says the sales indicate strong private investor demand for regional retail centres while providing investors an opportunity to recycle proceeds into new CEnturia fund opportunities.
What they said: “Centuria continues to identify well-performing retail assets that benefit from macroeconomic tailwinds. In the past 18 months, we have acquired $220 million of retail assets across Australia,” Centuria head of funds management Jesse Curtis said.
“As our long-held funds come to term, Centuria continues to provide new, compelling investment opportunities to the benefit of our investors.”
The source: Centuria media release
