Centuria Capital Group has agreed to acquire the Visy Glass industrial facility in Auckland, New Zealand for NZ$178.3 million (A$167.2 million) in a sale and leaseback deal through its subsidiary, New Zealand-based Augusta Capital.
Centuria said it will form a new NZ single asset unlisted fund to be launched by Augusta Capital which will be underwritten by Centuria.
The Visy Glass facility is New Zealand’s only glass bottle and jar manufacturing site since 1922. It provides a 20-year WALE and 100% occupancy. The 8.6-hectare site, at 752 Great South Road in Penrose, is located approximately nine kilometres from Auckland’s CBD and 15km from the Auckland International Airport.
Centuria said the Visy Glass acquisition will be funded by a $100million equity raising including an $80.5million entitlement offer and $19.5million fully underwritten institutional Placement.
John McBain, Joint CEO of Centuria, said “The Visy acquisition in New Zealand follows the recent $417 million acquisition of Telstra’s data centre in Victoria and Centuria is pleased to partner both groups in these initiatives. Centuria has upgraded both its operating EPS guidance and DPS guidance following strong property funds management activity to date in FY21, with a meaningful proportion of these earnings generated from our New Zealand business unit underpinning our ongoing confidence in this acquisition.”
Jason Huljich, Joint CEO of Centuria, said “We are very pleased with the momentum of our New Zealand business since the acquisition of Augusta Capital. To date in FY21, Centuria has successfully added $0.9 billion in AUM with a further $0.3 billion in assets under due diligence.”
“I am proud of the team’s ability to originate new opportunities such as these sale and leaseback transactions and the acquisition of the Visy Facility along with its associated 20 year triple net lease, which strengthens our relationship with Visy – one of our real estate platform’s largest tenants.”