Australasian real estate funds manager Centuria Capital Group has acquired the management rights to the unlisted agricultural real estate fund Arrow Primary Infrastructure Fund (APIF), increasing its agriculture vertical to A$1.3 billion ($850 million).
Centuria is acquiring agriculture fund manager Arrow Funds Management, which is the responsible entity for APIF and its stapled operating fund, Arrow Operations Trust.
The off-market acquisition is accretive to Centuria’s future earnings profile, representing a 5.5 times EBIT multiple after synergies are implemented.
APIF comprises a portfolio of 22 properties worth A$444 million ($291 million) with a 12.7-year WALE as of June 2025. The assets are leased to leading Australian primary production tenants, including Baiada Poultry Group, Select Harvests, Nutrano Group, Pace Farms and SunPork Group.
The fund’s assets include poultry farms, a pork-fattening facility, almond and macadamia orchards, mango orc
