Centuria Capital Group (ASX:CNI) acquired a AU$115 million large format retail center for a new single-asset, closed-ended fund named Centuria Logan Super Centre Fund, according to a filing with the Australian bourse on Thursday.
The Logan Super Centre, located in Queensland, is being acquired at a discount of around 22% to replacement cost.
The fund will provide an initial five-year term and is targeting a forecast average annual distribution of 8%, paid monthly, the filing said. It has a targeted equity raise of around AU$71 million.
The firm's shares rose almost 1% in recent trading on Thursday.
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