Centuria merges two listed property trusts
Centuria’s listed property division has announced that its decision to merge two of its listed property funds, Centuria Metropolitan REIT (CMA) and Centuria Urban REIT (CUA), has received a 99.8 per cent support from the unitholders.
The company also said that the merger would be consistent with its strategy which assumed the expansion of CUA and CMA's investor base and investment portfolio, aimed to create Australia’s leading listed metropolitan office REIT.
CMA’s trust manager, Nicholas Blake, said: “Investors in the expanded CMA will continue to benefit from Centuria Capital’s expertise and dedicated management of metropolitan assets.
“Within the markets we invest in, we continue to find compelling acquisition opportunities.
“With the expected financial benefit driven by economies of scale from the merger, CMA should reduce its cost of capital, making additional acquisitions possible.”
Recommended for you
The UK-based global asset manager has formed a new group executive committee to accelerate its growth strategy following the commencement of its new CEO this month.
Momentum Media has announced 26 winners across 10 individual and 15 group categories for its brand-new Australian AI Awards.
The financial services industry is currently “overwhelmed with quality and quantity of candidates”, Kaizen Recruitment explains, leading executives to face 12-month long recruitment processes.
Zenith Investment Partners has appointed an experienced research executive as its new group head of research following the departure of Bronwen Moncrieff.
