Centuria Metropolitan REIT plans to invest A$380.5 million in two Australian properties.
It agreed to buy a 50% stake in a Sydney building for A$191.0 million and all of an office property in Perth for A$189.5 million, according to a Sept. 18 statement that is not for general release. Both properties are fully leased and located in central business districts.
The building at 8 Central Avenue in Sydney's Eveleigh suburb, has a net lettable area of 36,570 square meters and a weighted average lease expiry of 8.5 years. The Willam Square property in Perth has a net lettable area of 21,765 square meters and a weighted average lease expiry of 7.7 years.
Centuria Metropolitan plans to partially finance the acquisitions through a A$273 million equity fundraising.
It added that the 8 Central Avenue deal remains subject to approval from security holders, since the trust is buying the targeted stake from a closed-end fund that is also managed by its entity Centuria Property Funds Ltd.
