Core Property reviews the Centuria Government Income Property Fund

Core Property has reviewed the Centuria Government Income Property Fund, the latest unlisted property fund offering by Centuria.

The Fund provides an opportunity to invest in an A-grade metropolitan office at 1 McNab Avenue, Footscray VIC. The Property was constructed in 2014 and is fully leased with a long Weighted Average Lease Expiry (WALE) of 11.8 years.

The Manager is seeking to raise $133.0M through the issue of 133.0M units priced at $1.00 per unit. The Offer has a close date of 28 July 2021.

The Manager is targeting distributions of 5.25% p.a. in FY22, and 5.35% p.a. in FY23 based on a highly secure income stream  - 91% of gross income is with long term state government leases expiring in 2034.

Core Property has rated the Fund as RECOMMENDED. 

Update 2 August 2021: The Fund has been oversubscribed and is no longer accepting new investments.