Property fund crowns year with office sale
Centuria Property Funds Limited's $98 million sale of a landmark Sydney CBS office block is delivering investors an early Christmas bonus.
The fund manager announced it completed the deal with Transport NSW for the 11,821m2 block at 175 Castlereagh Street, it bought in 2013 for $56 million.
Centuria chief executive, Jason Huljich, revealed that the sale delivered investors an average income return of 9.5 per cent, and an internal rate of return of 30 per cent.
"The 175 Castlereagh sale is not a "one show pony" as it crowns a winning year for Centuria, coming hard on the heels of our successful $104 million acquisition of the coveted Australian Technology Park existing buildings announced last month," he said.
"This transaction is business as usual for us and definitely another endorsement of our ability to spot opportunities ahead of others.
"This result is only one of a string of similar outcomes which all flow from Centuria's active management property philosophy.
"Our team is set up to assess risk and opportunity quickly and accurately and we have a very loyal group of close investors who look like they will have a very merry Christmas."
AUTHOR
Nicholas O'Donoghue
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