ASX-listed property manager Centuria Capital has bought a suburban Melbourne office for A$224m (鈧�142.5m) for a newly-launched unlisted single-asset fund.
The new fund, Centuria Government Income Property Fund 4, is seeking to raise A$133m to finance the acquisition of the asset in Footscray from the Grollo family. The office building is 91% leased to Victorian Government departments and agencies.
Jason Huljich, Centuria joint CEO, said: 鈥淭his will be our largest capital raise to date for a single-asset unlisted fund. In fact, it鈥檚 the largest retail equity raise undertaken in Australia for a single-asset fixed-term unlisted fund within the past 15 years.鈥�
Huljich said there was strong appetite for income-yielding investments in the current low-interest-rate environment.
鈥淲e continue to witness this strong appetite with the oversubscription of our recent unlisted fundraisings,鈥� he said. 鈥淥ur unlisted division has executed six capital raises across four single and multi-asset fund mandates in recent months.
鈥淐ombined, we have raised over about A$184m to deploy across attractive unlisted real estate opportunities throughout Australasia.鈥�
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