Andrew Cannane

Property Funds Association (PFA), the peak body representing Australia’s unlisted property funds industry, has appointed Andrew Cannane, Executive Director of Intertrust Australia, as President of its Executive Committee.

Mr Cannane has served on the PFA Executive Committee for 12 years, and replaces Steven Bennett, CEO Direct Property at Charter Hall, who has finished his two-year term.

PFA has appointed Melissa Kingham, Executive Director of the Haben Property Fund, as Vice President of the committee.

Paul Healy, CEO of the PFA, welcomed the new President and Vice President of the PFA Executive Committee. “We are delighted to appoint Andrew and Melissa to the roles of President and Vice President. They each bring substantial knowledge, passion and experience to the committee.

“I thank our previous President, Steven Bennett, for his outstanding leadership and steady hand during the COVID-19 pandemic.”

New President Andrew Cannane said unlisted property funds would continue to provide valuable diversification and returns for investors. “Our industry in Australia includes some of the best property investment funds and managers in the world, and I am honoured to represent them as President of the PFA.

“Direct property has an incredible track record at providing income returns and capital growth. The opportunities to use direct property funds for greater diversification is also a major benefit to investors.

“It’s an exciting time to be in commercial property investment. The innovation we are seeing across the traditional and emerging property asset classes has been inspiring, and will play a key role in the COVID recovery.”

The PFA Conference 2021 will be held in Cairns from 18-20 July 2021. The conference asks Has COVID-19 changed property permanently? The conference will explore pressing property issues including new technology and innovation, leasing challenges, and potential structural changes to the property landscape.

Keynote speakers include:

• Richard Gibbs, Chief Economist and Director, Urbis
• Jason Huljich, Joint-CEO, Centuria Capital Group
• David Green-Morgan, Managing Director APAC, Real Capital Analytics
• Michelle McNally, General Manager Property, Australia Post

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Mr Brownett will be responsible for increasing investment in Centuria’s range of unlisted property trusts, and in its refreshed investment bonds product, Centuria LifeGoals, by building relationships with financial advisers.

Jason Huljich, Head of Real Estate and Funds Management for Centuria, said Mr Brownett’s appointment coincides with significant growth in Centuria’s business.

“We have successfully continued to grow our property and investment bond businesses. A key element of that success is our commitment to supporting financial advisers, particularly during the ongoing structural changes in the industry as a result of the Royal Commission.

“Dave has over 15-years’ experience distributing financial services across a range of bank-aligned, independent and corporate dealer groups – which means he understands the challenges and opportunities in the market intimately – and his relationships are second-to-none,” said Mr Huljich.

Mr Brownett will be a key member of the national distribution team – focused on promoting both LifeGoals investment bonds and Centuria’s unlisted property funds to financial advisers.

“I’m excited to be working with advisers in Victoria and Western Australia to help them address the challenges and opportunities that the current market represents. In my view experience and reputation count more than ever in today’s rapidly changing financial services landscape, and I look forward to introducing advisers to Centuria’s range of products, track record of consistently strong returns, and ongoing commitment to its investors,” said Mr Brownett.

Centuria is one of the fastest-growing Australian real estate fund managers in its peer group, with annualised assets under management growth of 54.1% to $5.6 billion for the 2.5 years to 31 December 2018.^[1] The investment bond business has recently relaunched a new product, Centuria LifeGoals, with a broader range of specialist, market-leading, active and index investment options.

David’s appointment is the latest in a series of new hires to bolster Centuria’s distribution capability, with Ben Harrop, Kylie Scrivener and Julia Desimone having joined Centuria in the past nine months.

[1] Past performance is not a reliable indicator of future performance.

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Jason Huljich

Recent leasing deals negotiated in metro office markets around Australia are evidence of a rising tide of positive sentiment and improving fundamentals, according to commercial property investment specialist Centuria Capital Limited (Centuria).

Commenting on Centuria’s most recent transactions, Jason Huljich, Centuria’s Head of Real Estate and Funds Management, pointed to strong rents and attractive lease terms, and gave details of deals struck in Perth, St Leonards and Wollongong as follows:

• 42-46 Colin Street, West Perth – 400 sqm for 5 years to Tungsten Mining at a rate of $415 net per sqm.
• 201 Pacific Highway, St Leonards, Sydney – 7,000 sqm over 5 floors for 5 years to CISCO at a rate of $620 net per sqm. This represents an extension of 5 years.
• 77 Market Street, Wollongong – 800 sqm for 5 years to Illawarra Newspapers at a rate of $470 net per sqm, and 2,200 sqm for 8 years to Illawarra Retirement for $470 net per sqm.

Mr Huljich said that the Perth market is beginning to benefit from an uptick in demand from mining tenants, which make up the majority of the office tenants.

“We are seeing mining tenants starting to take sub-lease space off the market, which is evidence that the green shoots of a commodity cycle on the rise are starting to show,” he said.

In contrast, Mr Huljich said that south of Sydney, Wollongong has been tracking well for some time.

“We expect the positive market fundamentals to continue, as there is no real supply on the horizon and space is already tight and demand strong.

“In our most recent leasing deals we actually re-set rents when we agreed leases at record levels to two anchor tenants – Illawarra Newspapers and Illawarra Retirement.

“This is great news for our investors, because strong and stable rental income underpins distributions,” he said.

Mr Huljich went on to say that Centuria also has a positive view on St Leonards, on Sydney’s lower north shore, as it transforms itself into a health hub around Royal North Shore Hospital.

“NSW Health has already taken space in the area, and other health-based businesses are following suit, which has pushed up demand for office space in the area.

“At the same time, Sydney’s CBD market is becoming increasingly expensive, so with excellent transport links and proximity to the city, St Leonards is looking like a pretty good value proposition to a lot of tenants,” he said.

Centuria manages a portfolio of office and industrial properties currently valued at approximately $4.6 billion held in both listed and unlisted Centuria property funds. Properties are located in CBD and metro markets around Australia, including Sydney, Melbourne, Brisbane, Canberra, Adelaide and Perth.

According to Mr Huljich, Centuria’s objective is always to identify quality, fit-for-purpose assets which the team believes will deliver stable and predictable rental income, as well as the opportunity for capital growth over time.

“Our strategy across our listed and unlisted funds is to buy, actively manage, and strategically sell commercial and industrial property – and our 20 years of experience allow us to identify opportunities that others may miss.

“These recent lease transactions are evidence of our strategy in action – we expect them to be accretive to the value of our portfolio,” Mr Huljich said.

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Jason Huljich

Centuria Capital Group has grown from $4.6 billion AUM to $5.5 billion^[1] since 31 December 2017.

Centuria Capital Group (Centuria) has announced that Centuria Industrial REIT (CIP) has added two industrial properties to its portfolio. The properties were purchased for a combined total of $54.4 million (excluding costs), with $51 million of the purchase price raised via an underwritten entitlement offer.

Details of the properties are as follows:

• 149 Kerry Road, Archerfield in Queensland, acquired for $30.6 million; and
• 155 Lakes Road and 103 Stirling Crescent, Hazelmere in Western Australia, acquired for $23.8 million.

The two acquisitions will add to the recent acquisition of Cargo Park in Tullamarine, VIC combining to grow CIP’s portfolio by around $100 million since September 2018.

These acquisitions round out another active year for Centuria, where the company was able to successfully grow its platform of listed and unlisted trusts via strategic acquisitions, while at the same time maintaining strong operating performance and returns to investors.^[2]

In October 2018, Centuria Metropolitan REIT (CMA) acquired three metro office assets and a 25% stake in a fourth, valued at $520.9 million in total. Partially funded by a $276 million equity raising, at $645 million the total acquisition and capital raising together represented Centuria’s largest single direct transaction ever, and the second largest commercial transaction in Australia this year. CMA’s portfolio grew to approximately $1.5 billion as a result, and CNI’s market capitalisation rose to $500 million

This month, CMA will settle and begin receiving rental income from 2 Kendall Street, Williams Landing in Victoria – a property which is leased to Target for 10 years, with fixed rent reviews.

In other significant transactions this year, Centuria purchased an office property in Geelong for $115.25 million, as well as a 50% share in the Bendigo & Adelaide Bank headquarters in Adelaide for $92.3 million, both of which are held in single asset unlisted funds.

Commenting on the most recent additions to CIP’s portfolio of high-quality industrial assets, Centuria’s Head of Real Estate and Funds Management, Jason Huljich, said that this recent deal takes CIP’s acquisitions to almost $100 million since September 2018.

“Both properties fit with CIP’s strategy to invest in fit-for-purpose, quality assets, well-positioned in established industrial markets and close to major transport infrastructure.

“They are both 100% leased to high-quality ASX-listed tenants, with strong potential for renewals, and were purchased with an attractive weighted average initial yield of 7.0% p.a.

Centuria Capital Group CEO, John McBain said that 2018 had been a year of growth and consolidation for Centuria and that he anticipates further activity in 2019.

“Our assets under management were $4.6 billion at the end of 2017, and over the year this figure has grown to $5.5 billion as a result of strategic acquisitions and the expert active management of our existing portfolio.

“We have a track record of providing funds management and active property management – and we are pleased we have been able to maintain and improve our results in a year characterised by significant growth,” he said.

———-

[1.] As at 4 December 2018
[2.] Past performance is not indicative of future performance.

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Jason Huljich

Centuria Capital Group (CNI) has announced that the Lederer Group will partner with Centuria Metropolitan REIT (CMA) and acquire the remaining 50% interest in 201 Pacific Highway, St Leonards in Sydney, NSW.

CMA acquired its 50% interest in the $172 million property in December 2017.

The Lederer Group was founded by Paul Lederer and comprises of a conglomerate of entities including property, manufacturers, financial investments and community based developments.

The transaction is scheduled to settle by 10 May 2018.

Further diversifying funding sources

The deal brings Centuria’s unlisted wholesale assets under management (AUM) to $407 million of a total $4.6 billion AUM, delivering on its strategy to actively broaden capital sources beyond the existing investor base.

As Centuria’s Head of Real Estate and Funds Management Jason Huljich explains, the business is delighted to be able to build on its strong relationship with the Lederer Group.

“Since first partnering with us in 2014 with a significant interest in CMA, the Lederer Group has grown into one of our largest supporters. It has investments in excess of $195 million across CMA, Centuria Industrial REIT (CIP), CNI and now our wholesale funds business.

“As a highly respected, prominent real estate investor, the Lederer Group shares our passion for property and appetite for growth. This support, along with that of our strong existing investor base, puts us in a great position to do what we do best – leverage our solid real estate credentials to isolate pockets of value and generate positive returns for our investors.”

Paul Lederer, Chairman of the Lederer Group said: “We are pleased to expand on our strong relationship with Centuria through our wholesale investment in this high-quality metropolitan office asset.”

“Our continued investment in Centuria over the past four years is testament to our confidence in its property funds management platform, and we look forward to further building this relationship in the future.”

Growing our high-quality property portfolio in key locations

The acquisition consolidates Centuria’s footprint in the strongly performing NSW metropolitan office market, with 201 Pacific Highway adjacent to the group’s existing asset at 203 Pacific Highway, St Leonards.

Both buildings are A Grade, quality assets and well located above the St Leonards rail station with significant in-place amenity.

Mr Huljich said: “We believe St Leonards has significant potential as a metropolitan office market, with Sydney’s north shore experiencing tightening vacancy rates, limited supply and strengthening rentals.

“This is reflected in recent leasing deals, which have seen a solid uplift in rents in the area. This includes Cardno’s recent 10-year lease renewal at Centuria’s adjoining asset 203 Pacific Highway across 3,503sqm, or 30% of the building, for a record $620 psm net.”

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Jason Huljich

Centuria Capital has significantly expanded financial adviser access to the Centuria Diversified Property Fund (CDPF, the Fund), which has been added to the investment menus for HUB24, Netwealth, FUND.eXchange, Powerwrap, Colonial First State FirstWrap and Macquarie Wrap platforms.

The Fund offers investors on the platform direct property exposure, combined with daily unit pricing and access to a monthly liquidity facility.

Commenting on the announcement, Centuria’s Head of Real Estate and Funds Management, Jason Huljich, said he is delighted to have the Fund on these rapidly growing platforms.

“Inclusion on platforms provides greater access for financial advisers, and their clients, to this strong-performing fund.”

“We have seen a substantial increase in fund inflows in the last quarter as the fund is now available for use with the vast majority of non-aligned financial advisers.”

CDPF has also received “Recommended” ratings from both Core Property^[1] and Lonsec^[2] and, since inception in June last year, it has significantly outperformed the benchmark return.^[3]

The Fund offers investors access to tax-effective monthly income and the potential for long-term capital growth via investment in a diversified, open-ended portfolio of high-grade commercial property assets. It comprises 80% direct property, 15% A-REITs and cash of 5%.

The direct property component is via investments in 11 of Centuria’s unlisted funds, which own 13 properties in Sydney, Geelong, Brisbane, Canberra and Perth, including the recently over-subscribed Centuria Geelong Office Fund.

Mr Huljich said that the Fund had been well received by financial advisers and their clients since launching and that he is expecting increased inflows as further platforms offer the investment option.

“The CDPF has been recognised for its diversified portfolio of properties and for Centuria’s successful track-record in managing listed and unlisted property funds. Last calendar year we were able to improve the Fund’s portfolio metrics to a 98% occupancy rate and weighted average lease expiry (WALE) profile of 7.11 years^[4].

“As the Fund continues to grow, we will be looking to acquire direct assets for the fund. These will be high-quality, well located assets with financially strong tenants – ensuring stable and reliable returns for investors,” said Mr Huljich.

——–

[1] This rating is not and should not be construed as personal financial product advice, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment, from Core Property. Any opinion by Core Property is unsolicited general information (general financial product advice) only. Neither Core Property nor the participant is aware that any recipient intends to rely on this rating or of the manner in which a recipient intends to use it. In preparing the information, it is not possible for Core Property to take into consideration the investment objectives, financial situation or particular needs of any individual recipient. Investors should obtain individual financial advice from their investment advisor to determine whether opinions or recommendations (if any) contained in this publication are appropriate to their investment objectives. Investors should obtain a copy of, and consider the PDS, which can be obtained by contacting Centuria.
[2] The Lonsec Rating (assigned July 2017) presented in this media release is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Centuria Property Fund Limited’s product(s), and you should seek independent financial advice before investing in this product. The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to Lonsec’s website at http://www.lonsecresearch.com.au/research-solutions/our-ratings.
[3] Past performance is not indicative of future performance.
[4] As at 31 December 2017

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Jason Huljich

Centuria Capital Group (ASX: CNI) is pleased to announce that its subsidiary, Centuria Property Funds Limited, has unconditionally exchanged contracts to acquire 60 Brougham Street, Geelong, Victoria for $115.25 million.

The property will be acquired by the Centuria Geelong Office Fund, a new single asset unlisted property fund which will be launched in February 2018. On settlement, total Centuria assets under management (AUM) will be $4.5 billion.

The A-Grade building is 100% occupied, with 94% of its income underpinned by a long-term lease to AAA-rated Victorian State Government entity, the Transport Accident Commission (TAC).

Centuria’s property funds management business is led by Jason Huljich. Following a management restructure late last year, Mr Huljich is now responsible for both listed and unlisted property, the property services business, property acquisitions and disposals and special property and debt opportunities.

With the new Geelong fund enjoying a 10-plus year lease to a State Government tenant and a starting distribution of 7% p/a paid monthly, Mr Huljich expects strong demand from Centuria’s investors.

“The building is centrally located in the thriving regional city of Geelong, which 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.”

The acquisition caps off a busy first half of FY18. With around $655 million of quality, investment grade property assets already acquired, Centuria is proving to be one of the most active and fastest-growing fund managers in its peer group.

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Jason Huljich

Centuria Property Funds has announced a significant profit on the sale of a Sydney CBD office property, Swire House. The 10 Spring Street, Sydney property was purchased in 2013 for $91.64 million and has sold for $270.05 million.

The record breaking price for a B-grade office sale in Sydney means Centuria’s investors’ equity investment tripled over the four years in addition to their income return of 8% per annum.

The final sale price is an outstanding outcome for investors, reflecting a capital value rate per square metre of $19,477.

Speaking about the sale of the property, Jason Huljich, CEO Unlisted Property Funds for Centuria, said he was unsurprised by the strong level of buyer interest.

“High quality properties in such an excellent location don’t often come onto the market, and 10 Spring Street has the advantage of appealing to a range of buyers,” said Mr Huljich.

“We believed it would be attractive for purchasers looking to buy and hold the property, with a strong passing net income and the upside of fixed annual rental increases of around 4%. In addition, the weighted average lease expiry (WALE) is relatively short at around three years, offering the chance to capitalise on the strong demand for B-grade office space in the Sydney CBD when leases come up for renewal,” Mr Huljich said.

According to the Property Council of Australia, the Sydney CBD is currently experiencing its lowest vacancy rates in close to a decade, and net effective rents in B grade offices have increased by 60% in 2016 alone.

Mr Huljich went on to explain that the lease expiry profile also means that buyers looking for prime development opportunities were excited by the property.

“The site is large, at 1505 sqm, has dual street frontages, and will benefit from the new infrastructure and transport initiatives currently under construction. Furthermore, any development would result in spectacular views over Sydney Harbour.

“Prior to the sale, we worked with our architects on the redevelopment potential of the site and we were able to show interested buyers two broad indicative schemes. One involves redevelopment of the existing property, and a second envisages amalgamation with surrounding sites to create a significant mixed-use development.” Mr Huljich said.

While the building was 20% vacant at the time of acquisition, Centuria was attracted to the property because of its prime location, in what is now a Strategic Site as identified in the City of Sydney Draft Planning Strategy 2016, providing the potential to construct a tower of up to 290 metres in height. In addition, Centuria’s active management of the property, including a program of upgrades and investment, has seen record B-grade rents achieved of up to $1,200 psqm and the building becoming fully leased.

In conclusion, Mr Huljich said that Centuria was very pleased with sale price of 10 Spring Street, and explained that the decision to sell was made in line with the Group’s overarching strategy.

“10 Spring Street has been a spectacular performer for our investors since we purchased it in 2013, but the time is right for us to sell and to redirect the funds to other investment opportunities where we believe we can add more value in the future,” Mr Huljich said.

The sale was handled by Josh Cullen and Rick Butler of INC RE and Simon Fenn, Graeme Russell and Ben Azar of Savills.

Simon Fenn said “10 Spring Street attracted aggressive local and offshore capital looking to secure an asset that has the potential to be part of a rare super site in the future whilst also offering the immediate opportunity to capitalise on the strength of Sydney’s B grade leasing market.”
Josh Cullen added “This result is a clear demonstration of the strong appetite from various sources of capital seeking to enter into the Sydney market.”

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Jason Huljich

Centuria Capital yesterday announced that its newest fund, the Centuria Diversified Property Fund (the Fund), has been rated as “Recommended” from both Lonsec and Core Property Research.

The Fund, which was created with the aim of offering investors direct property exposure, combined with daily unit pricing and access to monthly liquidity, has been recognised for its diversified portfolio of properties and for Centuria’s track-record of success managing both listed and unlisted property funds. The Fund is made up of investments in direct property (80%) as well as A-REITs and cash holdings (20%), to provide liquidity to investors.

Currently, the Fund invests in nine of Centuria’s unlisted funds, which own eleven properties in Sydney, Brisbane and Perth. As the Fund grows, it will acquire direct property assets.

Jason Huljich, CEO of Unlisted Property Funds for Centuria, said he was delighted with the ratings. “Our focus over the past 20 years has been on single asset unlisted property funds, and our track record shows we have done this very successfully.”

“We will continue to create unlisted funds, but at the same time we recognise that the high initial minimum investment, and the fact that funds are locked up for a minimum of five years, means that unlisted fixed term funds are not suitable for everyone. It’s also proved to be challenging for an unlisted fixed term fund to be included on approved product lists or platforms due to the short period they are open for investment.

“The Centuria Diversified Property Fund makes direct commercial property investment accessible to more investors, and provides monthly income combined with the potential for capital growth over the long term. Since inception over 12 months ago, the Fund has exceeded its benchmark by 24.93%, delivering a total return of 33.86%.”

The objective of the Fund is to provide investors with tax-effective monthly income and the potential for capital growth, through investing in an open-ended, high-quality, commercial property portfolio, diversified across assets and geographies.

Discussing the Fund’s strategy, Mr Huljich said the aim is to grow the portfolio significantly over the next few years.

“We have identified an initial pipeline of AUD$26.2 million in quality assets that will form the basis of the Fund’s portfolio“ said Mr Huljich.

Managing Director of Core Property Research, Dinesh Pillutla, said a Core Property Research ‘Recommended’ rating denotes that the fund is considered to be suitable for investors seeking a portfolio of well-rated Centuria property investments with monthly distributions and a limited monthly withdrawal feature.

“The main attraction of the Fund lies in its ability to provide investors with an open-ended structure to access Centuria’s investment capabilities, as well as units in funds that were fully subscribed previously, and direct property over time,” said Mr Pillutla.

Mr Huljich said that the difference between the Centuria Diversified Property Fund and other property funds with a similar structure is Centuria’s commitment to active property management.

“We don’t believe in ‘passive’ property investment; we have an in-house property management team, and a track record of adding value to our portfolio at every stage of the investment process. In fact, our ability to identify properties which require intensive asset management to reach their return potential has been key to our success.

“We are asset-specific buyers, because we know that an asset well-acquired and actively managed will outperform – regardless of macro-economic trends. In short, we buy and add value, then exit when the added value is reflected in the sale price,” he said.

In conclusion, Mr Huljich said that he was very confident about Centuria’s newest property investment option.

“We will apply the same investment process and philosophy to the Diversified Property Fund as we have to our other property investment funds over the past 20 years. We have a track record of providing strong returns to our investors, and the diversified Fund is no exception. Receiving a ‘Recommended’ rating from both Lonsec and Core Property Research is vindication of this approach, and we expect to see strong support from financial planners and their clients,” said Mr Huljich.

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Jason Huljich

Centuria Property Funds has announced the launch of its latest unlisted fund, Centuria Sandgate Road Fund (the Fund). The property was acquired this week for $106.25 million. Combined with other acquisitions made this financial year, it will increase Centuria Capital’s total funds under management (FUM) by $457 million to $3.8 billion.

The Fund is a single-asset unlisted property fund, and will own 1231 Sandgate Road in Nundah, Brisbane. The property is a modern A-grade office, centrally-located in the up-and-coming metropolitan centre of Nundah, where it is well-positioned to benefit from projected improvement in Brisbane office market fundamentals. The property has a 4.5 star NABERS rating, is 12,980 square metres and is 100% let, with a weighted average lease expire (WALE) of 9.3 years.

The initial term of the trust is six years, with a forecast distribution of 6.5% in year one and 7.0% in year two.

Centuria CEO, Unlisted Property Funds, Jason Huljich, said high-quality well-leased office property is ideally suited to long-term investors.

“Sandgate Road is located in a high-growth area of Brisbane where over 1,000 new dwellings have been built over the past four years. The location is very convenient for office users, being only a 15-minute drive to the Brisbane CBD and Brisbane Port, right next door to Nundah train station, and only an eight-minute commute from town.

“The property is 81% leased to Queensland Government-owned entities, with a very long WALE of 9.3 years; so investors can feel confident that the projected yield is not only attractive but also secure. There is also the added benefit of expected capital growth, as Nundah continues to expand and the Brisbane office market improves,” said Mr Huljich.

In conclusion, Mr Huljich said many metro markets around the country are showing excellent fundamentals.

“At Centuria, we are asset-driven investors, so we believe that a quality property can provide our investors with stable yields and strong returns over time in any market. Our track record of success in managing unlisted funds speaks for itself, and we expect overwhelming demand for this latest investment. Its long WALE, quality tenant profile and low-geared structure should appeal to a wide range of investors.” said Mr Huljich.

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