Developer Centuria has spent $223 million to bolster its portfolio, acquiring a healthcare development and a retail asset in New South Wales.
Centuria, in a joint venture with Morgan Stanley Real Estate Investing called Centuria Prime Partnership (CPP), has aquired a 3000sqm site in Alexandria for a planned seven-storey, 10,500sq m private hospital.
The hospital planned for the site at 28-32 Bourke Road has an expected end value of $163 million. The project is currently 43 per cent pre-leased for 15 years.
Centuria’s joint chief executive Jason Huljich said Alexandria’s location was key to the decision to build the hospital in the suburb.
“Alexandria benefits from its proximity to Sydney’s CBD while providing significantly sized land parcels that are ideal for private hospitals, which require large floorplates and multiple levels,” Huljich said.
“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.”
The hospital deal has boosted the CPP portfolio to four high-quality assets with an estimated end value of more than $332 million.
Centuria has also acquired the Cameron Park Plaza, 17 km north of the Newcastle CBD, for $60.25 million.
Retail giant Woolworths’ development arm Fabcot built the 7037sq m centre at 73 Northbridge Drive in 2020.
Aside from anchor tenant Woolworths, the centre has three mini-major tenants, 17 specialist stores and two kiosks with 100 per cent of its income coming from non-discretionary tenants, and 70 per cent of the centre leased to either ASX-listed or national chain tenants.
“Centuria continues to source and execute prime real estate acquisitions that attract high-calibre operators while meeting the requirements of our existing institutional capital partnerships,” Huljich said.
“We will continue to expand our institutional partners’ high-quality portfolios with existing real estate and fund-through opportunities across geographically diversified markets.”
The shopping centre deal was made on behalf of an unnamed global institutional investor, providing them with a portfolio now worth over $600 million.
