Centuria 25 Grenfell Street Fund

CBD office fund targeting average distributions of 6.5%

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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.