Core Property has reviewed the Centuria Industrial Income Fund No.1, the latest unlisted property fund offering from Centuria.
The Fund will invest in a portfolio of three industrial assets located in well established industrial precincts in Boondall QLD, Crestmead QLD and Gillman SA.
In order to acquire the properties, the Manager is looking to raise funds through the offer of new units in the Fund. Units are priced at $1.00 per unit during the Offer Period of 1 - 26 February 2021.
The Manager is targeting initial distributions from the Fund of 6.0% p.a. (annualised) up to 30 June 2021, increasing to 6.25% p.a. for the 12-months to 30 June 2022. Distributions are expected to be supported by the rental income of the properties, which are 100% occupied with strong tenant covenants and a portfolio Weighted Average Lease Expiry (WALE) of 9.1 years.
The Fund has an initial term of 6 years.
Core Property has rated the Fund as RECOMMENDED.
Update: The Fund has been oversubscribed and is no longer accepting new investments.