Global law firm K&L Gates has acted for ASX-listed Centuria Capital Group (Centuria) in its acquisition of an AU$22 million industrial facility for its wholesale unlisted fund, Centuria Select Opportunities Fund (CSOF).
The prime warehouse facility is located in Royal Park, South Australia, an industrial precinct near Adelaide’s central business district. It is leased to two blue-chip tenants, Daikin Australia and Allied Express Transport, providing a 6.3-year WALE and 100% occupancy.
Jesse Curtis, Centuria Head of Funds Management, said: “We launched CSOF in late 2023 and secured three quality assets for the Fund during the 2024 calendar year, all of which provide compelling value-add propositions for our wholesale investors. Our in-house team has sourced properties that lend themselves to upward rent reversions, with a potential to increase underlying values. This strategy plays to Centuria’s strengths having a demonstrable track record for executing leasing, repositioning, and development projects that improve properties’ performance. The transaction was enabled by our trusted K&L Gates legal team, led by Samuel Brown and Naomi Philp.”
The Real Estate team that advised Centuria was led by Sydney-based partner Samuel Brown with support from special counsel Karen Yuan and lawyers Reilly King and Christina Tohme.
Brown stated: “The K&L Gates team is pleased to work with Centuria in its pursuit of CSOF’s ongoing growth trajectory. We enjoy working with our strategically minded client and are proud to have supported them in executing this deal and achieving a successful outcome.”
Client relationship partner, Naomi Philp, added: “We are delighted to assist our long-standing client Centuria on another strategic acquisition for CSOF.”
Lawyers in K&L Gates’ large, diversified Real Estate practice advise clients in a variety of real estate investment, land use, planning and zoning, development and construction, financing, leasing, tax, and litigation matters around the world.
Centuria acquired the Royal Park industrial facility from Centennial Property Group.
