Australian real estate fund manager Centuria Capital has agreed to acquire 360 Capital Group's property management platform for $290.7m.
The deal involved Centuria acquiring 360 Capital Investment Management (CIML) as well as 360 Capital Group's co-investment stakes in all funds, excluding 360 Capital Total Return Fund and 360 Capital Subiaco Square Property Trust.
Under the deal, 360 Capital Group will provide a $50m vendor loan to Centuria for a term of up to 18 months at an interest rate of 5% per annum paid monthly.
Upon the completion of the proposed acquisition and share sale agreement, Centuria’s total funds under management will increase to approximately $3.6bn across 18 unlisted property funds and three listed funds.
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