Centuria Diversified Property Fund (CDPF) has made the acquisition of the 10 Moore Street property, known as ‘Optus Centre’, in Canberra for $35 million from Quintessential Equity Diversified Commercial Property Group.
The acquisition would bring CDPF’s total assets under management (AUM) to over $100 million, the firm said.
Centuria’s head of real estate and funds management, Jason Huljich, said that the property’s metrics were solid and it was located close to two other properties which were owned by Centuria’s AREIT, the Centuria Metropolitan REIT (CMA).
“Strong support from investors and financial advisers in the CDPF has seen the fund’s inflows increase significantly this financial year, allowing the fund to make strategic purchase,” he noted.
“We are asset-specific buyers, so we are happy to consider all markets if we believe we can identify value – and our asset management team are experts when it comes to leasing, managing and improving our property assets with the aim of achieving strong returns for our investors.”
Huljich stressed that although the commercial office sector remained one of the most appealing sectors to grow CDFP’s portfolio, the fund would also watch other sectors.
“CDFP is likely to continue to invest in Centuria’s unlisted property trusts, due to their high quality income streams, however, we also intend to make more direct acquisitions, because it gives us more control over the geographical diversity of the trust, and the ability to tilt our portfolio to where we see the most potential.”