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Centennial buys discounted Sydney industrial sites for $163m

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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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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com

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    Original URL: https://www.afr.com/property/commercial/centennial-buys-discounted-sydney-industrial-sites-for-163m-20230822-p5dyhk