Centuria’s listed property division has announced that its decision to merge two of its listed property funds, Centuria Metropolitan REIT (CMA) and Centuria Urban REIT (CUA), has received a 99.8 per cent support from the unitholders.
The company also said that the merger would be consistent with its strategy which assumed the expansion of CUA and CMA's investor base and investment portfolio, aimed to create Australia’s leading listed metropolitan office REIT.
CMA’s trust manager, Nicholas Blake, said: “Investors in the expanded CMA will continue to benefit from Centuria Capital’s expertise and dedicated management of metropolitan assets.
“Within the markets we invest in, we continue to find compelling acquisition opportunities.
“With the expected financial benefit driven by economies of scale from the merger, CMA should reduce its cost of capital, making additional acquisitions possible.”