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.