Centennial buys discounted Sydney industrial sites for $163m
Sydney-based fund manager Centennial has grown the value of its Brookfield-backed logistics fund to almost $300 million after acquiring three logistics sites from ASX-listed fund managers Charter Hall and Centuria at small discounts to their book value.
Centennial acquired a 15,000 square metre logistics facility on Jedda Road in Sydney suburb Prestons leased to Primo Smallgoods from Charter Hall for $79 million on a yield of about 5.5 per cent – about a 2.5 per cent discount to its $81.3 million book value, according to well-placed sources,
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