An ASX-listed property manager is set to acquire a $645 million portfolio of office buildings in Melbourne, Sydney and Brisbane.
The Centuria Metropolitan REIT (CMA) has entered into agreements with Hines Global REIT, in a transaction that swells parent Centuria Group's (CNI) assets under management by 12% to hit $5.5 billion.
Following the transaction, CMA will be the sole owner of Melbourne's 818 Bourke Street and two properties in Brisbane.
It will own a 25% stake in a Sydney, Chatswood-based property for $501 million.
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Lederer Group will acquire the remaining 75% of the Sydney Chatswood property as a co-ownership agreement with CMA. This is their third direct asset partnership together.
Centuria is funding the acquisition through a $100 million equity raising. It will also undertake a bond issuance of $75 million.
Centuria Group chief executive John McBain said after the raise, CNI will have a market cap of $500 million, making it the 247th largest company on the ASX.
"We are also delighted to invest alongside the Lederer Group for the third time this calendar year, they are a substantial and important investor in the Centuria platform and we welcome their continued interest," he said.