
ASX-200 listed real estate funds manager, Centuria Capital Group, has secured $223million worth of healthcare and daily needs retail assets on behalf of existing institutional partnerships.
A healthcare real estate-focused joint venture with an investment vehicle sponsored by Morgan Stanley Real Estate Investing (MSREI), known as Centuria Prime Partnership (CPP), will develop a new private hospital in Sydneyâs inner south suburb of Alexandria, which will have a $163million end value.
The c. 3,000sqm site, located at 28-32 Bourke Road, Alexandria NSW, will transform an existing single-storey light industrial building into a c.10,500sqm seven-level, purpose-built hospital complemented by allied health operators. Forty-three per cent of the development is pre-leased on a 15-year term.
Centuria paid $38m for the site, equating to $12,786/sqm.
The Alexandria development expands CPPâs portfolio to four high quality assets with an estimated end value on completion exceeding $372million.
Jason Huljich, Centuria Joint CEO, said, âAlexandria benefits from its proximity to Sydneyâs CBD while providing significantly sized land parcels that are ideal for private hospitals, which require large floorplates and multiple levels. This is a rare opportunity to deliver new, bespoke healthcare infrastructure in such a central location for Sydneysiders, which is why we are confident it will attract other allied health operators seeking to co-locate at the hospital.â
Additionally, Centuria, via its existing daily needs retail partnership with a global institutional investor, secured the $60.25million Cameron Park Plaza shopping centre located at 73 Northbridge Drive, Cameron Park NSW, 17km west of Newcastleâs CBD.
Built in 2020 by Woolworths Groupâs development business, Fabcot, the 7,037sqm neighbourhood shopping centre is anchored by a full-line Woolworths supermarket in addition to three mini-major tenants, 17 specialist stores and two kiosks. 100% of the assetâs income is underpinned by non-discretionary tenants and 70% is leased to ASX-listed and national chain tenants.
Cameron Park Plaza increases the global institutional investorâs daily needs retail portfolio to over $600million.
Mr Huljich, said, âCenturia continues to source and execute prime real estate acquisitions that attract high-calibre operators while meeting the requirements of our existing institutional capital partnerships. We will continue to expand our institutional partnersâ high-quality portfolios with existing real estate and fund-through opportunities across geographically diversified markets.â
TGC Agencyâs Paul Hunter and John Romyn executed the Alexandria siteâs sales campaign.
Colliers Internationalâs James Wilson, Alex James-Elliott, Holly Simmonds and Nick Cavenagh managed Cameron Park Plazaâs expression of interest sales campaign.