Centuria Property Management
Centuria Property Management – SYDNEY , May 20, 2021 /PRNewswire/ –MRI Software, a leading global real estate software solutions provider, announces that it has secured a new contract with Cturia Capital Group, an ASX-300 listed investment fund manager, to automate the management of its entire life cycle of around 200 real estate assets in the company’s $10 billion real estate portfolio across Australia and New Zealand.
Pictured: Steph Wilson, Managing Director, MRI Software, Business Developmt, APAC, leads a team working with Cturia Capital to automate their wealth management.
Centuria Property Management
Cturia will use MRI Commercial and Investmt Managemt solutions to automate administration and accounting and access large amounts of data from multiple sources, including non-financial information, to create long-term forecasts, property valuations and fund modelling.
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Steph Wilson, MRI Software General Manager, Business Developmt, APAC, said: “2020 has taught us all how important it is to be able to respond quickly and reliably to changing market conditions. We are privileged to be chosen by Cturia to manage the entire lifecycle of their significant property portfolio and help their executives and managers gain meaningful insights from the amount of data they already have and will continue to collect as they grow.”
Victor Georos, Cturia’s Head of Portfolio and Asset Management, said: “Cturia has grown exponentially in recent years. The group’s total assets under management have grown to over USD 10 billion today. We now have over 200 assets under management in our Trans-Tasman platform and we intend to continue to grow. This means we need a system that allows us to expand quickly as we grow. After extensive market research for a property management software solution that can accommodate our growth, MRI identified all the right fields for me.”
“MRI’s long history in the property industry, strong local roots in Australia and New Zealand and understanding of the regional market make it a trusted commercial and investment management partner – and a logical choice to support our business. We look forward to working with Steph and his team as we expand our platform in 2021 and beyond,” he said.
MRI’s comprehensive and flexible technology platform, along with its operational and connected ecosystem, is used by more than 17,000 companies in 170 countries. For more information, visit temrisoftware.com.
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MRI Software is a leading provider of real estate software solutions that change the way communities live, work and play. MRI’s comprehensive, flexible, operational and connected platform enables owners, operators and occupiers in commercial and residential organizations to innovate in rapidly changing markets. MRI has been a pioneer in the PropTech industry for over five decades, serving over two million users worldwide. With leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to improve their operations and gain a competitive advantage. MRI became one of the first real estate software providers to serve Australia and New Zealand in 1995, further strengthening its commitment to the region with the acquisitions of Rockd, WhosOnLocation and Palace. For more information, visit temrisoftware.com.
Cturia Capital Group (ASX:CNI) is a leading real estate fund manager with more than $10 billion in assets under management. It offers a range of investment opportunities, including listed and unlisted real estate funds and tax-efficient investment bonds. Her drive, coupled with in-depth knowledge of these sectors and an intimate understanding of her clits, enables Cturia to turn opportunities into meaningful investments. For more information visit www.cturia.com.au
ThroughPut Inc. predicts new AI-powered financial capabilities to grow results despite market disruptions and supply chain uncertainties. Stewardship Our guiding principle is to manage our properties and assets in the best interests of our investors.
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Technical storage or access is required to create user profiles to send advertisements or to track the user across a website or multiple websites for similar marketing purposes. Centuria is taking a 50 per cent stake in an A-Grade building in Perth, a market well known by the property fund manager, which is a landlord of comparable buildings.
The building is already well leased with high-quality tenants, has just undergone a $62 million fit-out and is positioned in the Perth CBD, which is benefiting from a strong Western Australian economy.
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Physical occupancy is highest in the Perth CBD, higher than any other state in Australia, currently at 71%.
Add to the mix the experienced team at Centuria, who know how to manage such properties, find new tenants and maximize value, and the opportunity becomes even more compelling.
In this Focus Fund, we detail the wholesale opportunity and invite you to learn more about this world-class real estate investment.
My name is Ross Lees and I am Head of Asset Management at Centuria Capital. Today I will be talking about the Allendale Square Property Fund. This is a wholesale offer of a prime office building in Perth’s central business district.
Centuria Capital Group
Throughout today’s presentation, I will touch on the fund’s features, asset characteristics and expected investment returns from this real estate fund.
Starting with an investment review, the fund is looking to acquire a 50% stake in Perth’s Allendale Square, a landmark office building just off the Elizabeth Quay precinct. We expect to provide unitholders with a distribution yield of 7.25% paid in monthly installments over the life of the fund and generate a modeled internal rate of return of over 11% per annum through an active repositioning strategy.
We are looking to acquire the building with a joint venture partner who has acquired similar assets with Centuria in other countries. Centuria is well placed to manage assets of this type. We have other comparable buildings on St. Georges Terrace, including 140 St. Georges Terrace, a high-end office building, 111 St. Georges Terrace and Exchange Plaza in Perth CBD.
Our team of over 70 people based in Perth is well placed to deliver the redeployment strategy required for this particular building.
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The building is very well rented out. We have over 85% occupancy as of today and a weighted average lease duration of over 5.8 years. The tenants behind the building are of high quality and location is paramount as with any real estate strategy.
In terms of investment case, there is a compelling investment case for the Perth CBD. Right now, we’re seeing this very strong national economy, supported by strong gross national product, gross national demand, and a CPI that’s one of the highest in the country.
Physical occupancy, i.e. workers coming into their office building, is the highest in Perth CBD, higher than any other state in Australia, currently at 71%, and expected to continue to increase.
This supports an environment that we believe will generate strong growth in net effective rents over the medium term. Having an active lease flow profile in the building allows us as an active manager to capture rent increases over time by releasing and relocating the asset.
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Within the market itself, we are actually seeing very few vacancies for subletting. These are tenants who want to offload their space and rent it out to other organizations. In Perth it is currently only 0.2%.
From Centuria’s perspective, we have a fantastic ability to generate occupancy for our buildings as we have significantly lower vacancy rates across our managed portfolio.
Looking at this specifically, onward
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