Centuria shares lift after acquiring Arrow Funds Management
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The news: Property investor Centuria Capital Group saw its shares edge higher after announcing it had acquired Arrow Funds Management.
Arrow has the management rights to the unlisted $444 million agricultural real estate portfolio Arrow Primary Infrastructure Fund.
The numbers: At 3:10pm AEDT, shares in Centuria Capital were up 0.23% to $2.23.
The portfolio contains 22 properties with a 12.7-year weighted average lease expiry as at 30 June 2025. Following the off-market takeover, Centuria’s agriculture vertical is now worth $1.3 billion.
The context: The acquisition is being funded using Centuria’s existing cash and undrawn debt. The portfolio includes assets that are leased to primary production tenants like Baiada Poultry Group, Select Harvests, Nutrano Group, Pace Farms and SunPork Group.
This includes poultry farms, a pork fattening facility, almond and macadamia orchards, dried fruit vineyards and an organic glasshouse.
The Arrow management team will transition to Centuria. Arrow Funds Management CEO Adnrew Ashbolt will be appointed to a new position on Centuria’s Arrow Primary Infrastructure Fund investment committee.
What they said: “This acquisition adds further scale and operational expertise to Centuria’s agriculture division,” Centuria joint CEO John McBain said.
“Centuria’s growth in agricultural real estate has been part of a deliberate strategy to diversify into high conviction alternative real estate sectors, which we commenced in the post-COVID period and have subsequently scaled beyond $1 billion of AUM.”
The source: Centuria Capital Group media release
