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Centuria Capital, partner to buy Blackstone office asset for A$185M

Centuria Capital Group subsidiary Centuria Property Funds Ltd. and capital partner The Lederer Group signed an unconditional agreement to buy a 50% interest each in the headquarters of Bendigo & Adelaide Bank Ltd. in Adelaide, Australia, for a total sum of A$184.6 million.

The investment manager outbid Western Australian funds manager Primewest in March for the property that is owned by U.S.-based private equity firm Blackstone Group LP.

Centuria's new unlisted fund, dubbed Centuria 80 Grenfell Street Fund, which is slated to be launched in May, will acquire the asset manager's 50% stake.

The Australian bank occupies 96% of the 80 Grenfell St. property on a lease that has a weighted average lease expiry of 7.3 years.

Centuria said the acquisition will bring its total assets under management to above A$4.7 billion.