Centuria Industrial REIT (CIP) has cashed out of a lucrative passive investment in western Sydney, making a profit of more than $20 million on an asset it paid just over $13 million to buy.
The listed investor has redeployed the proceeds into three new acquisitions, including its 10th property at Derrimut in Melbourne’s western suburbs, where it now controls a mix of assets over 25.3 hectares worth an estimated $241 million.
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Martin Kelly is a property reporter based in Sydney covering all aspects of commercial and residential real estate including major deals, market trends and developments. Email Martin at martinkelly@afr.com
