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Centuria buys 360 Capital Industrial Fund for A$82.8M

Centuria Capital Group entered into an agreement to purchase 360 Capital Group's 360 Capital Industrial Fund, or TIX, and its units for approximately A$82.8 million.

After the transaction, Centuria will become the largest stakeholder of TIX, continuing 360 Capital's co-investment strategy of investing alongside fellow stakeholders. Meanwhile, TIX's investment mandate will remain in place, according to a news release.

The two parties earlier agreed on the A$290.7 million acquisition of the management rights to 360 Capital Office Fund, and the sale of the group's 28.8% interest in the listed office fund. The rights sale will proceed after the completion of the stake sale.

TIX's management is proposed to transition in January 2017, subject to approvals.

As of Dec. 8, US$1 was equivalent to A$1.34.