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.