Core Property reviews the Centuria 25 Grenfell Street Fund

Core Property has reviewed the Centuria 25 Grenfell Street Fund, the latest unlisted property fund by Centuria.

The Fund provides an opportunity to invest in a prominent A-grade office building, located at 25 Grenfell Street, Adelaide SA, in the Adelaide CBD.

The Fund will own a 50% interest in the Property, utilising the combined strengths of Centuria with co-owner, MA Financial, to enhance the building. Plans include upgrades to the building to improve the leasing profile and add further value for investors.

The Manager is forecasting distributions of 7.0% in FY22, increasing to 7.1% in FY23. Core Property estimates average distributions over 5 years to be 6.5%.

The Manager is seeking to raise $48.5M through the issue of 48.5M units at $1.00 per unit. The Offer has a close date of 18 March 2022.

Property has rated the Fund as RECOMMENDED.