Centuria Industrial REIT announced it acquired six high-quality industrial assets across Australia's eastern seaboard with a combined value of $132.4 million. The assets capitalise on land constrained, urban infill markets that are in high demand from ecommerce operators seeking close proximity to densely populated areas to improve supply chain efficiencies. Among the acquisitions is an eight-hectare site in the north Melbourne industrial market of Campbellfield, which has a short term lease.

Upon lease expiration, a Project Delivery Agreement will take effect and a brand new, sustainable five-unit industrial estate of approximately 44,000sqm will be delivered. The acquisitions in Derrimut, Port Melbourne and Wetherill Park, adjoin existing CIP assets. The Acacia Ridge and Clayton South acquisitions build further scale in CIP's sub-portfolios in the infill markets of south Brisbane and southeast Melbourne, respectively.

90-118 Bolinda Road, Campbellfield VIC was secured for $37.7million. In partnership with Cadence Property Group, a five-unit industrial estate will be delivered with tenancies ranging from 3,200sqm to 20,000sqm catering to the most active leasing size range in the market. The 44,000sqm estate will provide an estimated on-completion value of $104.1million.

Construction is expected to commence in 2023 with practical completion in 2024. The estate will target a Green Building Council of Australia Five-Star Green Star rating. 159-169 Studley Court includes two modern industrial facilities and adjoins CIP's existing asset at 179 Studley Court, creating a 4.0ha continuous landholding in inner west Melbourne.

The acquisition will be the ninth asset in CIP's Derrimut sub-market, collectively worth $229million 43-49 Wharf Road adjoins CIP's recently acquired 51-65 Wharf Road, Port Melbourne and creates a 1.0ha landholding in one of Melbourne's most tightly held industrial markets. Additionally the site provides a short WALE and is considered under rented, providing near term value-add upside. 8 Hexham Place adjoins CIP's recently acquired 160 Newton Road and 164-166 Newton Road assets, creating a 5.3ha landholding in a land constrained and highly sought after central western Sydney industrial market.

The asset holds a short WALE and additionally provides near term value-add through positive rental reversion. 590 Heatherton Road is leased to Canterbury Windows and Doors and builds on CIP's southeast Melbourne portfolio which includes nine assets worth $866million. 5/243 Bradman Street sits within the Westridge Industrial Park in the urban infill market of Acacia Ridge.

The site is leased to a high quality tenant in Lincoln Sentry. The asset is considered under-rented and with a mid-term market rent review provides opportunity to capture positive rental reversion in the short term.