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Centuria Industrial to buy A$42M industrial asset in Melbourne suburb

Centuria Industrial REIT's responsible entity, Centuria Property Funds No. 2 Ltd., announced that the trust signed an agreement to purchase for A$42.0 million the 1 International Drive Cargo Park in the Westmeadows suburb of Melbourne.

The 25,866-square-meter, 87% occupied industrial estate sits atop a 5.6-hectare freehold plot and was remodeled recently for A$7.1 million, according to a release.

The real estate investment trust anticipates to close the transaction, which it will pay for with existing debt facilities, in November.

The Cargo Park purchase will push up the REIT's portfolio to 39 assets worth a combined A$1.06 billion.