ASX-listed property fund manager Centuria has agreed to acquire the new Melbourne national headquarters of discount retailer Target from developer Cedar Woods for $58.2 million.

The deal for the 13,000-square-metre A-grade commercial building at Williams Landing in Melbourne's western suburbs, leased to Wesfarmers-owned Target Australia on an initial 10-year term, has been struck on a yield of 6.5 per cent.