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.