)
Centuria Capital Group (ASX: CNI) expects to qualify for the S&P ASX 300 index this quarter after an acquisition drive helped lift its market capitalisation in FY19.
The Sydney-based company's share price has risen 62 per cent since the start of the year with leadership holding a bullish outlook for the office, industrial and healthcare real estate sectors.
Operating net profit after tax (NPAT) rose slightly by 1.3 percent to reach $45.7 million, but the lift in assets under management was much higher at 27 per cent reaching $6.2 billion.
A massive chunk of that growth came from CNI's real estate division growing by a third to $5.3 billion following the acquisition of 13 assets in the year.
"Our Real Estate platform now includes Australia's largest domestic pure play office and industrial REITs, the highly profitable unlisted division together with our new healthcare real estate initiative, Centuria Heathley," says joint CEO Jason Huljich, who oversees Centuria's real estate and funds management.
"We have broadened our acquisition capacity and will continue to match our strong pipeline of real estate investment opportunities with our established retail investor base, our institutional partners and the equity capital markets.
"FY20 has commenced strongly with the acquisition of 80 Flinders St, Adelaide for $127 million which has received very strong support from our investor network."
Joint CEO John McBain says Centuria continued to execute on its growth strategy through increased real estate acquisitions of $1.7 billion, including obtaining a 63 per cent stake Heathley, to be renamed Centuria Heathley on settlement of the transaction which is expected this month.
Related story: Centuria snaps up $521m in office properties
Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.Business News Australia
)
)
)
)
)
