We will discontinue analyst coverage of Centuria Capital on or about July 26, 2024. Accordingly, we place Centuria Capital under review. We provide analyst research and ratings on over 1,600 companies globally and periodically adjust our coverage according to investor interest and staffing.
Only a modest amount of FUM is eligible for redemption each year, which makes it unlikely that Centuria will face outflows at the devastating pace that some equity fund managers have experienced.
Bears
One third of Centuria’s FUM is in single-asset funds, which may be at higher risk of redemptions and wind-ups. Some underlying funds carry high debt levels.
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Centuria Capital Group runs retail, wholesale, and institutional property investments. Assets are roughly one third each in office, industrial, and another third in retail, healthcare, agricultural property, and real estate finance. About one third of FUM is in listed REITs, a third in unlisted wholesale funds, and nearly another third in unlisted retail funds and a small amount in institutional vehicles. The group’s AUD 21 billion in FUM grew rapidly from less than AUD 5 billion in FUM in 2018. Acquisitions of Augusta Capital, 360 Capital, PrimeWest, and others supercharged FUM growth. Centuria’s main revenue sources are management fees on its funds, development profits, and rental income from co-investments in its funds. Centuria is the largest securityholder in its listed REITs.