The new product offers:

• 22 high quality fund options – including sector, diversified, and index funds – managed by rigorously selected investment managers
• A transparent fee structure, with rebates passed on to the investor
• Greater control, with a simple online application process and easy in-app management
• A simple, flexible and tax-effective investment solution that aims to grow accessible wealth for investors

Michael Blake, Head of Centuria Life, said: “The first guiding principle of Centuria LifeGoals is to offer high-quality, complementary funds which have been carefully selected by our investment committee.”

Mr Blake believes the benefits and control of the new investment bonds products will see them experience a resurgence in popularity.

“The current climate means more demand than ever for transparent financial products that are sold on merit, and that place control and clarity in the hands of the investor and the adviser. Centuria LifeGoals does exactly that,” Mr Blake said.

John McBain, Centuria Group Chief Executive Officer, said: “Centuria has always taken an investor-first approach – we know what matters most to our investors and we look after their interests as if they were our own. We put investors first and, in our experience, everything else follows.

“Centuria LifeGoals was built on this philosophy and is well-suited to advisers and investors looking for true competitive value.”

An industry facing change

The Australian financial services industry currently faces significant structural change, with many financial planners seeking to re-position themselves to best service their clients and many organisations looking to exit wealth management.

This shift, which has already occurred overseas, has gained momentum in Australia following revelations from the present Commissioner Hayne’s enquiry (more of which may soon come in the Royal Commission’s final report).

Mr Blake said “We are entering a new generation of financial services in Australia: various developments have created an environment where Australians are going to be more discerning customers than ever, looking extremely closely at existing and proposed financial products. We welcome the scrutiny – with Centuria LifeGoals, what you see is what you get.

“There are thousands of financial advisers in this country who care deeply about their clients’ wellbeing – I have witnessed this firsthand, and I believe they too welcome the changes that are already occurring.”

In addition, while previously Australian investors were encouraged to maximise superannuation contributions and could access superannuation funds at 55 years of age, recent changes have placed restrictions on contributions and fund balances, and changed age thresholds. These, alongside the potential for future changes, mean superannuation by itself is no longer a sure bet for investors to rely on.

By contrast, investment bonds give investors access to a sound, long-term investment with a structure that offers tax benefits, flexibility and accessibility.

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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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John McBain

Centuria Capital Group (Centuria, ASX: CNI) has announced full-year financial results to 30 June 2018, demonstrating continued positive momentum for the growing property funds manager.

FY18 highlights include:

• Assets under management up 29% to a new peak of $4.9 billion
• Operating earnings per share rose 58% to 16.3 cents^[1], above the revised guidance of 15.8–16.2 cents per stapled security
• Distributions per stapled security grew to 8.2 cents in FY18, a 9.3% increase on FY17
• Net operating profit after tax was $45.1 million, up 191%
• Investors benefitted from a total securityholder return (TSR) of 23.3%^[2] [3] for FY1

John McBain, Centuria Group Chief Executive Officer said: “After a transformational 2017, I am pleased to report this momentum has continued with strong FY18 results. We achieved an operating net profit after tax of $45.1 million and total securityholder returns of 23.3% – the second consecutive year this has exceeded 20%.

“With our funds management platform now significantly larger following last year’s corporate activity, we have been able to utilise our benefits of scale to drive strong AUM growth of 29% to $4.9 billion. This includes $1.1 billion in organic property acquisitions and revaluations and 12.5% growth in our investment bonds business to $900 million.”

“Significant performance fees of $25.8 million (pre-tax) from our unlisted business, along with a 77% year-on-year growth in recurring revenues to $67 million, were also key contributors to our FY18 results.”

Divisional overview

The property platform, comprising a range of listed and unlisted property funds, acquired 11 investment grade properties for $0.8 billion and together with revaluations of $0.3 billion enabled property assets under management to grow to $4 billion at year end.

The business established three new unlisted funds and four debt funds which were met with very strong investor demand through broadened distribution channels. The open-ended Centuria Diversified Property Fund also grew to over $37m AUM.

The two listed entities, Centuria Metropolitan REIT (CMA) and Centuria Industrial REIT (CIP) grew to $2.1 billion AUM, with CMA also joining its partner fund, CIP, on the ASX 300 index during the period.

Mr McBain explained: “While some of the growth in the value of our property portfolio can be attributed to market fundamentals, the strong result was also driven by our in-house management team focusing on solutions that meet the needs of our broad tenant base – both today and into the future.”

“With over 20 years’ experience in the market, we also have extensive knowledge and solid industry relationships that enable us to make off-market purchases on very attractive terms. In fact, eight of the past 10 acquisitions were off-market or followed failed sale campaigns.”

“This is good for our investors: the better we are at buying and managing quality assets, the better the portfolio performance and return to investors,” said Mr McBain.

Centuria Life, the company’s investment bond business, also saw solid growth of 12.5% to $0.9 billion AUM. The business is the fourth largest in its sector, which represents an 11% share of a $7.6 billion market.

Mr McBain said: “We are investing heavily in our investment bonds business – both in product development and through strengthening our distribution capabilities.”

“We’re finding advisers and investors turning to investment bonds as an attractive alternative to superannuation, given recent regulatory changes and headwinds in the sector.”

“With the benefit of 35 years’ experience in this sector, we are well positioned to take advantage of growing investor interest in this alternate asset class.”

Outlook

In conclusion, Mr McBain said his intention was to continue to expand Centuria’s property fund and investment bond platforms.

“We believe investors remain hungry for quality, well-yielding investment opportunities. We’re positioned to meet this need through our listed and unlisted property platforms, and to offer sustainable growth for investors.”

“To do this, our focus remains on growing organically through active management of our existing portfolios, and via mergers and acquisitions which complement our strategy and which we believe will contribute positively to returns for our investors,” Mr McBain said.

[1] Operating EPS is calculated based on Operating NPAT of the Group divided by the weighted average number of securities.
[2] Past performance is not indicative of future performance.
[3] Source: Moelis & Company.
[4] Operating NPAT of the Group comprises of the results of all operating segments and excludes non-operating items such as transaction costs, mark to market movements on property and derivative financial instruments, the results of Benefit Funds and Controlled Property Funds.
[5] Operating EPS is calculated based on Operating NPAT of the Group divided by the weighted average number of securities.
[6] Attributable to securityholders.

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Michael has been at Centuria since the beginning of 2016, serving as Head of Sales and Marketing. With three decades of experience in funds management, property and financial services to bring to the role, Michael has passion and a vision for the future of Centuria’s investment bonds business. He is committed to a growth strategy that aligns with the overarching strategy of Centuria Group as a whole.

In funds management since 1990, Michael’s knowledge of the financial services industry, and his relationships with key industry groups uniquely position him to grow the business.
John McBain, Group CEO, says of the appointment “We are incredibly fortunate to have an in-house candidate with the communications and market knowledge, and financial skills, to step into this role. Michael will build on the strong foundations for evolution and growth put into place by Neil Rogan, who has resigned after a successful three-and-a-half year tenure in the role.

“We have invested in building market understanding of the case for, and use of, bonds as a means of creating, transferring, and protecting wealth. Growth potential for the Investment Bonds market is solid, due in part to favourable tailwinds from market and policy changes such as the recent changes and limitations to superannuation.

“Michael has the specialised qualifications, experience, and skills to take this business into its next phase.

“We want to thank Neil for his contribution to the business and its clients. Neil drove Centuria Life’s growth to make it Australia’s third largest player,^[1] raise the profile of the product, and bring it up-to-date for a new generation of investors. Neil grew Centuria Life by over 22% during his time,^[2] and played a significant role in educating the market on this product.”
Michael Blake has further commented, “It is with great excitement that I step into this role, and I look forward to further building the success of the business and helping more investors to understand and gain access to this unique product.

“I have great belief in this product as an accessible and reliable tool for all Australians to effectively conserve and grow their wealth and achieve their financial goals, and it is with relish that I look ahead to creating the next stage of Centuria Life’s 35-year journey in helping them do so. I think this product has an important and growing role in the market and I will continue to develop our offering to best serve our investors.”

Michael was previously Director of Cromwell Funds Management, Director of New Zealand based Oyster Property Group, Director of Phoenix Portfolios and a member of the Group’s Executive Management Committee. There he was responsible for growing and managing the funds management business and strategically presenting the product offering to a changing market. He also held senior management roles at HSBC Asset Management, Zurich and Mercantile Mutual.

———

[1] Based on Net FUM figures from Sep-14 to Dec-17.
[2] Ibid.

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John McBain

Market leading momentum in property acquisitions Sydney, 15 February 2018: Centuria Capital Group (ASX: CNI) today announced strong half-year results for the period to 31st December 2017. Following a transformational FY17 in which the nature and scale of earnings shifted significantly, Group momentum grew into the first half of the 2018 financial year.

Highlights for 1H18, versus prior corresponding period, are as follows:

• 19% total return1 to investors (1H18)
• 19% increase in AUM to $4.6 billion2
• $770 million organic growth in property funds management (acquisitions and revaluations)
• $54 million (7%) investment bonds growth; AUM up to $0.9 billion
• Recurring revenue growth to $32.1 million, up $18.9 million
• 25.8 million net performance fee (pre-tax) on sale of 10 Spring Street, Sydney
• 13%3 operating gearing ratio
• Successful raise of $98.6 million in equity and $25 million in corporate bonds
• Reaffirm FY18 earnings guidance of 15.8–16.2 cents per stapled security (cps) (previous FY18 guidance 10.8 cps)
• FY18 distribution guidance of 8.2 cps

Centuria has delivered a record 1H18 result, with the business continuing its strong growth momentum on a transformational FY17.

John McBain, Group CEO, said: “FY18 will be the first opportunity for investors and the market to see clearly the benefits of the large property fund platform we acquired in January 2017 over a 12 month period. The acquisition significantly transformed the nature and composition of our earnings, markedly increasing recurring revenues and tripling the group’s market capitalisation.”

“We are very pleased with the 1H18 outcome, which has significantly improved our operating NPAT to $30.2 million representing an operating EPS of 12.1 cents.”

Across the property platform, Centuria acquired ten A-grade properties for $655 million and saw an uplift in asset revaluations of $115 million.

Mr McBain expanded on this, saying: “The scale of property acquisitions in 1H18 was virtually unmatched in our peer set and we continue to review attractive investment opportunities.”

The Investment Bonds business also experienced above market growth of 7% over the six-month period from new business and asset growth.

Overall Group AUM grew strongly by 19% to $4.6 billion.

The Group has also been rewarded with strong annualised returns of 12.7%4 from co-investments in Centuria Metropolitan REIT, Centuria Industrial REIT and other investments, as well as a net performance fee of $25.8 million from the sale of 10 Spring Street, Sydney.

To account for that performance fee, the previous forecast operating EPS of 10.8 cps was significantly increased to 15.8–16.2 cps. The Group expects further embedded performance fees within the unlisted portfolio to be realised on an ongoing basis.

FY18 outlook

Mr McBain said: “We will continue to deliver investment opportunities and further value creation through the expansion of our property fund platforms. We believe conditions remain favourable for the continued creation of property fund opportunities.”

“This includes leveraging our strong real-estate credentials to identify ‘pockets of value’ for our long-standing investor base, and improving our distribution capacity to accelerate growth in the Investment Bond business.”

“We also remain focused on improving our security holder returns, underpinned by stable recurring revenue and embedded performance fees. Moreover, we continue to actively broaden our access to capital sources and remain attentive to earnings growth within core businesses.”

———

[1] Past performance is not indicative of future performance.
[2] Includes post 31 December 2017 acquisitions
[3] Gearing ratio is calculated based on (Operating Borrowings less cash) divided by (Operating Total Assets less cash)

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John McBain

Centuria Capital Group (ASX: CNI or Centuria) yesterday announced an FY17 operating EPS of 10.3 cps in line with previous guidance. Centuria also confirmed a distribution of 7.5 cents per share for the financial year ended 30 June 2017 as per guidance and up 43% on FY16 results. Funds under management increased by 118%, from $1.9 billion to $4.2 billion during FY17 and market capitalisation grew from $80 million to $290 million over the same period.

During FY17 securityholders enjoyed total returns of 24% and Centuria expects that its operating EPS will grow approximately 5% during FY18 assuming performance fee contribution is consistent with the long term average.

Talking about Centuria’s performance over the 2017 financial year, Group CEO John McBain described the year as ‘transformational’, with an unprecedented level of activity across all divisions, including the acquisition of the $1.4 billion 360 Capital real estate platform.

“This acquisition was a very significant contribution to growth in funds under management and our consequent increase in scale and market presence. The result has been a step-change for Centuria Capital, bringing our business to scale and this activity should enable near-term ASX 300 inclusion.”

“In addition, the majority of 360 Capital’s funds were listed funds which were highly complementary to our platform which was previously skewed toward unlisted property funds,” Mr McBain said.

Mr McBain went on to say that since FY16 Centuria had purchased ten properties for $721 million across the listed and unlisted businesses, of which $517 million were acquired by unlisted funds.

“Our unlisted business had a bumper year, growing by 106% in its own right. It now manages property assets of $1.6 billion, and this year made the largest purchase in our history – the Zenith office tower in Chatswood, which was acquired for $279 million in a joint venture with global investor BlackRock.

In other significant initiatives undertaken during the year, Centuria merged its two office Real Estate Investment Trusts: Centuria Metropolitan REIT (CMA) and Centuria Urban REIT (CUA); and acquired the management of Centuria Industrial REIT (CIP).

Mr McBain said that as a result, CIP is now Australia’s largest pure rent-collecting REIT, with a market capitalisation of $563 million, and CMA is Australia’s dominant metropolitan office REIT, with a market capitalisation of $420 million

“We are very pleased with the performance of both funds this year. The merger of CMA and CUA resulted in a larger and more efficient fund, which went on to acquire a further $150 million in assets since the merger”

“Our aim going forward is to actively grow both funds, as we identify suitable assets,” Mr McBain explained.

The Centuria Diversified Property Fund (CDPF) was also launched this year. CDPF is an open-ended, unlisted diversified property fund which is invested in nine quality office trusts.

“CDPF gives investors all the benefits of direct property exposure from an unlisted fund, but with the addition of daily unit pricing and liquidity via a monthly redemption feature.

“CDPF has performed really well this year. Returns to investors are 19.5% for the 12 months to 30 June 2017, and it has been rated ‘Recommended’ by Lonsec and Core Property. This means it qualifies for inclusion in bank and other large dealer group’s approved product lists,” Mr McBain said.

The investment bonds business also performed strongly this year, with unitised bonds growing by 28% over the 2017 financial year and the business continuing to diversify its distribution channels.

Centuria is the fourth largest player in the market, with $799 million in funds under management, and Mr McBain said that he expects further growth in the coming year.

“We’re seeing accelerated, above-market growth in the investment bond business, supported in part from an increased interest from advisers looking to create, transfer and protect their clients’ wealth. Changes to superannuation regulations and uncertainty regarding negative gearing and family trusts also factor in peoples decision to consider our investment bonds,” he said.

In conclusion, Mr McBain said that FY17 was a year which had seen Centuria significantly increase its scale in the Australian funds management landscape, while retaining a sharp focus on reliable, growing securityholder distributions.

“Our focus moving forward is to utilise our market-leading real estate and financial services capabilities to identify growth opportunities and to use our balance sheet strength to accelerate growth across our listed and unlisted property and investment bonds businesses.

“We have a long track record of creating value for securityholders, and we now have a strong platform to deliver another successful year in FY18,” he said.

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John McBain

Centuria Capital Group (“Centuria” or ASX: CNI) is pleased to announce $106 million acquisition of 1231 Sandgate Road, Brisbane (the “Property”) and CNI total funds under management (FUM) to increase to $4 billion.

Centuria Property Funds Limited (“CPFL”), a wholly owned subsidiary of CNI, has settled the Property for $106.25 million.

The Property was acquired by a new single-asset unlisted property fund (the Centuria Sandgate Road Fund), and is a modern A-grade office building in metropolitan Brisbane that is 100 per cent occupied by a range of government and private sector tenants.

This acquisition is part of an active growth period for Centuria, which included:

• A successful corporate bond issue in April for CNI, upsized to $100 million due to significant investor demand
• The capital raise and acquisition of the Scarborough House Fund in April for $72.3 million
• The merger of Centuria Metropolitan REIT (CMA) and Centuria Urban REIT (CUA) in June, creating the dominant listed metropolitan office REIT on the ASX
• The acquisition of two additional assets by Centuria Industrial REIT (CIP) for $65 million in June, cementing CIP’s place as the largest pure income-focused industrial REIT on the ASX. This brings CNI’s industrial FUM to over $1 billion.
• A full year dividend of 7.50 cents per CNI stapled security.

Centuria CEO, John McBain said “This has been a transformational period for Centuria, with the business successfully diversifying our Property Funds Management business and growing market capitalisation.

“We remain on track in relation to FY17 earnings guidance of 10.2 to 10.4 cents per security.

“And there is the potential of further growth in FY18, with continuing low interest rates and the high level of independent activity across our three Property Fund Management platforms: Centuria Unlisted Property, CMA and CIP,” said Mr McBain.

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John McBain

Centuria Capital Group (Centuria) is pleased to announce it has agreed to acquire the majority of 360 Capital Group’s (TGP) real estate management platform for $217 million.

“The acquisition transitions Centuria to the next stage of growth, and is consistent with our strategy of growing the property funds platform, growing recurring revenues and an increased level of co-investment in managed funds,” said John McBain, Group Chief Executive Officer.

The Transaction involves Centuria acquiring 360 Capital Investment Management Limited (CIML) the manager of 360 Capital Industrial Fund (TIX), 360 Capital Office Fund (TOF) and four unlisted real estate funds for $91.5 million, plus $10 million in cash in support of CIML’s AFSL and net assets requirements.

The Transaction includes the acquisition of TGP’s co-investment stakes in TIX (15.6%) and TOF (19.99%) for $115.8 million. Centuria has also entered into a two year put and call option arrangement over TGP’s equity interests in four unlisted funds in the sum of $59 million.

Centuria’s subsidiary, Centuria Property Funds Limited (CPFL), in its capacity as the Responsible Entity of Centuria Metropolitan REIT (CMA), announced it will acquire a further 8.8% of TOF from TGP, conditional on TOF unitholder approval.

The Transaction makes Centuria one of the largest ASX listed pure-play Australian real estate fund managers, with property FUM increasing to in excess of $2.8 billion ($3.6 billion in total FUM including its existing Investment Bond business).

Mr McBain said: “This transaction is transformational for Centuria and consistent with the Group’s strategy to increase the scale of its property funds management platform, increase recurring revenues and expand access to distribution channels for third party capital”.

“The TGP property platform is complementary with Centuria’s platform as its funds under management are largely listed REITs while Centuria’s existing property business is weighted towards unlisted property funds”.

“On completion, Centuria will have substantially greater scale positioning it for growth. Centuria now has improved capacity to raise funds in the listed REIT market, unlisted real estate funds and in Centuria itself”.

The $900 million listed 360 Capital industrial Fund (TIX) will be renamed Centuria Industrial REIT. Centuria will utilise its integrated property services capability to preserve the income characteristics of the fund whilst seeking to add value through its hands-on management style.

The 360 Office Fund (TOF) will be renamed Centuria Urban REIT. Once the transaction is complete, and subject to market conditions being appropriate, the potential exists for CMA and TOF to merge and create a sector-dominant metropolitan office REIT with over $600 million of assets.

“Centuria has a long term track record of delivering strong shareholder and investor returns. This transformational transaction will build on this success by delivering new growth opportunities and introducing a broader investor base to the Centuria platform,” concluded Mr McBain.

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Mr. Holt has held senior finance positions at both Westfield and WorleyParsons over the past 16 years and was most recently the Chief Financial Officer of WorleyParsons.

Mr. Holt brings to Centuria extensive local and global finance experience covering the corporate, treasury, property and listed securitisation areas. Mr. Holt will work alongside the Group CEO with a specific focus on expanding the parent company, Centuria Capital.

Mr. John McBain, Group CEO, said “Simon is well qualified to help steer Centuria through its next period of growth and on behalf of senior management and the Board of Directors, we welcome him to Centuria.”

Mr. Christopher Johnston will remain as Group Financial Controller. Both management and the Board of Directors recognise Mr. Johnston’s important contribution to the Company during the CFO recruitment period.

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John McBain

Centuria Capital has announced the settlement of Centuria Property Funds’ $104 million stake in the landmark Australian Technology Park (ATP) in inner city Sydney following record investor interest in its corresponding unlisted Centuria ATP Fund.

Centuria received over $130 million of Investor interest for the available $62 million of equity, with the retail equity raising closing after only 6 days.

Forecast distribution yields in the sought-after Fund are annualised 8.7% for FY 2016 and 9.0% for FY 2017.

In more good news for Fund investors, ATP cornerstone tenant, NICTA, signed a new 10-year lease, doubling the 5-year lease term anticipated in the Fund PDS.

“The volume of interest in the Fund signals very strong investor affinity with Centuria’s long term property strategy, where we seek opportunities to add value in key locations across both listed and unlisted sectors,” explained John McBain.

“We’re extremely pleased with the outlook and believe our investors will be, too.”

According to Jason Huljich, CEO of Centuria Unlisted Property Funds, both the Fund subscription and leasing results bode well for a positive future for investors.

“To experience this level of interest shows that the market for quality unlisted property investments is still very strong and there is a lot of faith in our ability to build on successes such as the sale of 80 Waterloo Rd, Macquarie Park and the great results delivered for investors in 175 Castlereagh St in the Sydney CBD.,” he explained.

“In terms of the NICTA lease, this delivers long term income security over ~53% of the NICTA Building Nett Lettable Area and dramatically reduces short term leasing risk. It also sets a strong market precedent for future lease negotiations within the precinct.”

Under the new leasing arrangement, the NICTA Building WALE (by income) increases from 1.2 years to 7.0 years and the Portfolio WALE (by income) from 2.1 years to 5.3 years. The rent increases from $478/sqm gross effective to $625/sqm gross face.

The ATP acquisition has been a source of major investor and other public interest, and exemplifies the broader Centuria strategy.

“We identified the Australian Technology Park precinct as an important business and technology hub in 2013 when a Centuria fund acquired a 50% interest in the $220 million Channel Seven building,” said Mr McBain.

“Centuria funds now wholly own the Channel Seven building and the Group is excited to extend its investment in the precinct with the settling of this latest acquisition and the associated Fund.”

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