Core Property has reviewed Centuria’s latest offering, the “Centuria 80 Grenfell Street Fund”.
The Fund is a 5 year unlisted property fund that will purchase a 50% interest in the office tower at 80 Grenfell St, Adelaide SA. The Fund will co-invest with the Lederer Group to acquire the prime CBD office located above Rundle Place in Rundle Mall, the leading retail precinct in Adelaide.
The Property was constructed in 2013 and is 96% occupied by the Bendigo and Adelaide Bank on a WALE of 7.3 years, providing a highly secure rental income for the Fund.
The Fund is forecasting distributions of 7.0% p.a. (annualised) in FY19, increasing to 7.2% in FY20.
Core Property has reviewed the Fund and issued a RECOMMENDED rating.
UPDATE 14 June 2018:
Centuria has advised the Fund was Fully Subscribed within the first week of launch and will not be accepting any new applications for units.