Centuria acquires Hines office properties

Centuria Metropolitan REIT (ASX: CMA) continues to grow with the acquisition of four office properties from Hines Global REIT, a US based global property manager.

The properties include 1) 818 Bourke Street, Docklands VIC, 2) 825 Ann Street, Fortitude Valley QLD, 3) 100 Brookes Street, Fortitude Valley QLD and 4) a 25% interest in 465 Victoria Avenue, Chatswood NSW, with the remaining 75% to be acquired by the Lederer Group. The portfolio was independently valued at $520.9M with CMA paying $500.9M and Centuria Capital Group contributing $20M to the acquisition.

CMA is funding the acquisitions through a combination of debt and a $276M equity raise. The equity placement is priced at $2.43 per unit, representing a 4.7% discount to the CMA price of $2.55 prior to the announcement and has been filled by institutions and underwriters as well as a retail offer to securityholders.