Centuria Industrial REIT nabs Brisbane, Perth warehouses for A$54m

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Australian-listed Centuria Industrial REIT has nabbed two warehouse properties in Brisbane and Perth for a combined A$54.4m (US$38.7m), targeting locations near airports in capital cities.

The trust bought a property located at 149 Kerry Road near Brisbane’s Archerfield airport for $30.6m and purchased the asset at 155 Lakes Road in the Perth suburb of Hazelmere for $23.8m, the company said in a press release.

The Hazelmere property is only several kilometres away from Perth Airport.

“Both properties fit with CIP’s strategy to invest in fit-for-purpose, quality assets, well-positioned in established industrial markets and close to major transport infrastructure,” said Jason Huljich, head of real estate and funds management at Centuria.

“They are both 100% leased to high-quality ASX-listed tenants, with strong potential for renewals, and were purchased with an attractive weighted average initial yield of 7.0% p.a.”

The deals build on its recent purchase of Cargo Park in the Melbourne area of Tullamarine, also the city’s main airport, a few months ago.

The REIT has increased the value of its portfolio by about $100m since September this year.

Centuria Industrial REIT is listed on the ASX and owns 37 industrial properties across Australia worth $1bn in total.