Property group Centuria has acquired a building in Geelong and announced its chief executive of unlisted property funds will take on greater responsibilities following a management restructure late last year.
Its subsidiary, Centuria Property Funds, will acquire 60 Brougham Street, Geelong for $115.25 million. It is an A-Grade building leased by the Victorian Government's Transport Accident Commission for the next 10 years.
Additionally the group will launch the Centuria Geelong Office Fund, a single asset unlisted property fund, which will take over the ownership of the building when it launches in February. The acquisition will bring total assets under management to $4.5 billion.
In an ASX statement, the firm also announced Jason Huljich, a director and chief executive of unlisted property funds at Centuria Property Funds, will now be responsible for both the listed and unlisted property units.
His new role will assume total group property funds management responsibility, which includes the property services business, property acquisitions and disposals, and special property and debt opportunities.
In September 2017, the chief executive of listed funds, Nick Collishaw, announced he will step down from his role this month and transition to a support position.
Centuria at the time said Collishaw will devote the majority of his time to "further developing his existing private interests," but will continue on at Centuria as a non-executive director of Centuria Capital and Centuria Property Funds.
Huljich said the Geelong building is centrally located and is benefiting from the relocation of a number of Government agencies, including WorkSafe and the National Disability Insurance Agency.
"The acquisition complements our investment philosophy and offers reliable, long-term income for investors," Huljich said.
Group chief executive John McBain said: "This purchase, coming soon after the December 2017 announcement of the $172 million 201 Pacific Highway, St Leonards transaction, is the result of a determined, ongoing acquisition strategy implemented by the property funds division."