Centuria grows with Telstra data centre buy
Funds manager Centuria Capital has taken its property empire close to $10bn, with its listed industrial fund snapping up a Telstra data centre for $416m.
Meanwhile its office fund, which focuses on suburban buildings, has turned in strong results.
The company, headed by John McBain and Jason Huljich, is backing the two areas, which could benefit from the coronavirus crisis as more people work from home or in suburban offices rather than in CBDs.
The pair said that the company’s major sale and leaseback transactions with Arnott’s and now Telstra showed its ability to partner with iconic Australian businesses.
The purchase of the Telstra data centre in Melbourne “represents a significant investment in telecommunications infrastructure timed to coincide with a major upswing in demand for data storage”.
The deal also shows data centres are set to become a much bigger part of the property sector with Centuria Industrial REIT, which had focused on industrial parks, leading the way.