Australasian real estate funds manager Centuria Capital Group has secured the Port Adelaide Distribution Center for A$216 million ($140 million), at a 70 percent discount to its replacement cost, which will underpin Australia’s largest single-asset industrial fund to date, known as Centuria Port Adelaide Industrial Fund (CPAIF).
Located at 25–91 Bedford Street, Gillman, South Australia, the 32-hectare (79-acre) industrial estate is within the tightly held northwest industrial precinct, where current vacancy is 1.5 percent. Adelaide’s industrial market, in general, has one of Australia’s lowest vacancy rates at 1.6 percent, which is considerably below the national average of 2.8 percent.
The asset spans 13 buildings and nine titles. It is leased to 17 high-quality national and international tenants including Visy Logistics, agricultural product supplier Ameropa Australia, Toll Transport and Spendless Shoes. It benefits from industrial units ranging from 1,700–
