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Centuria wins race to buy $190 million Adelaide tower

People & Companies / Latest News

Apr 15 2018

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Centuria Capital Group will buy an Adelaide office tower at 80 Grenfell Street for $190 million from Blackstone, edging past Primewest to secure the deal.

Centuria confirmed it held talks with the Warburg Pincus-backed e-Shang Redwood Group about strategies for rival listed player Propertylink Group, which could see the latter taken over and its industrial real estate and property funds arms carved up between the two.

Centuria’s unlisted arm has been highly active, recently purchasing the Transport Accident Commission building in Geelong for $115.25m in January.

The Centuria Diversified Property Fund holds stakes in 11 unlisted Centuria funds, which own 13 properties in Sydney, Geelong, Brisbane, Canberra and Perth. The group’s listed metro office fund also acquired stakes in two NSW towers for $119.1m in St Leonards and Wollongong in December.

 

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