Centuria’s Diversified Property Fund has acquired 13-15 Compark Circuit, a Grade-A office property for A$27.8 million in Mulgrave Victoria, Melbourne.
This is the fourth direct commercial real estate acquisition of the fund, expanding AUM to over $200 million.
13-15 Compark Circuit is located within the heart of the Monash Office and Technology Precinct, one of the largest office precincts outside the Melbourne CBD.
The Grade-A office property comprises two freestanding, A-Grade quality office buildings on separate titles with a total site area of 8,334 sqm.
The precinct is home to several significant facilities and a highly skilled local workforce. The property is a 100% leased A-Grade quality suburban office asset with a 4.0-star NABERS energy rating and a 3.3-year WALE underpinned by a strong tenant mix with multiple long-term tenants.
The deal was brokered by agents Tom Ryan and Tim Grant from Knight Frank and Andrew Dawkins and Chris Jones from Dawkins Occhiuto.
Commenting on the purchase, Doug Hoskins, Fund Manager of the Centuria Diversified Property Fund said “We are delighted to add this fourth acquisition to our portfolio. This is the Fund’s first acquisition in Victoria, further broadening the geographic and asset diversification for the Fund and its investors”.
“Commercial real estate remains an attractive opportunity and we believe this acquisition is well positioned to retain and attract the long-term quality tenants that contribute to sustainable income streams.”
Centuria’s joint CEO Jason Huljich added “Centuria continues to source compelling unlisted opportunities in a low- term deposit and low-rate environment. This fourth acquisition for CDPF closely aligns to the Fund’s strategy – to increase its balance of direct property exposure.
“CDPF aims to offer direct property investment with a minimum investment of only $10,000. The Fund is open-ended, offers limited monthly liquidity, and sits on a number of platforms, so it is easy for advisers and investors to access.”