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Centuria Capital Group to Acquire 50% Stake in New South Wales Office Assets

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Centuria Capital Group (ASX:CNI) agreed to acquire a 50% interest in the office assets located at 680 George Street and 50 Goulburn Street in Sydney, New South Wales, for AU$454 million, according to a Wednesday filing with the Australian bourse.

The price represents an acquisition at about 60% below estimated replacement cost, the filing said.

The transaction will be held through a newly established single-asset closed-end unlisted fund called the Centuria Sydney CBD Prime Office Fund, per the filing.

The company's shares added about 1% in recent Wednesday trade.

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