Family office takes asset manager stake to $55m

A prominent Australian family office entered into a placement with an ASX-listed asset manager, bringing its total investment to $55 million.

The Lederer Group, founded by Primo Group chief executive Paul Lederer, made the placement agreement with Centuria Capital to be issued more than 2.6 million Centuria securities at an issue price of $1.14 per stapled security. Centuria also issued 20.1 million options to subscribe for Centuria securities to a Lederer Group subsidiary at $1.30 per stapled security.

This follows on from the Lederer Group's cornerstone investment in Centuria's Metropolitan REIT back in 2014, of which it now owns 7.3%.

The Centuria Industrial REIT also announced a $35 million institutional placement to fund the acquisition of "two strategic assets" with an aggregate purchase price of $65 million; the Lederer Group said it would commit $25 million to this trust, bringing its holdings to 4.5%.

As above, this will take the family office's total investment in Centuria's funds management platforms to $55 million.

Lederer said: "Building on our successful investment in CMA, this additional investment represents a substantial commitment and demonstrates our confidence in the Centuria property funds management platform."

Centuria chief executive John McBain added: "The Lederer Group is a highly respected, prominent real estate investor and we are delighted the group has decided to increase its investment in the Centuria platform to include CNI, CMA and CIP."

Read more: Lederer GroupCMABuildingCenturia CapitalCenturia Industrial REITCIPCNIJohn McBainMetropolitan REITPaul LedererPrimo Group
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