Centuria Capital Group (ASX: $CNI) increases stake in Centuria Bass Credit Pty Ltd

Centuria Capital Group (ASX: $CNI) has increased its interest in Centuria Bass Credit Pty Ltd to 80% for a consideration of $57 million plus adjustment for NTA. The incremental stake was funded via $28.5 million of cash and $28.5 million in CNI scrip, with the CNI scrip issued at $1.775 per security comprising a total issuance of 16,056,337 CNI securities.

Centuria Capital Group (ASX: $CNI) Executive Commentary

Today's announcement follows an ongoing review of opportunities to meaningfully scale Centuria's platform. Expanding our stake in Centuria Bass Credit increases alignment and earnings-share to a market leading real estate finance business, capable of generating healthy profit accretion for Centuria's future earnings profile. We retain high conviction over this asset class and are focused on broadening the range of real estate debt offerings to our investor network. Centuria's investor network have developed a rapidly increasing appetite for the relatively competitive returns and short duration these funds exhibit.

Summary of Centuria Capital Group (ASX: $CNI) Announcement

Centuria Capital Group (ASX: $CNI) has increased its stake in Centuria Bass Credit Pty Ltd to 80% for a consideration of $57 million plus adjustment for NTA. The company funded the incremental stake via $28.5 million of cash and $28.5 million in CNI scrip. Centuria Bass AUM has increased to $1.7 billion in FY24 year to date. The acquisition aims to increase alignment and earnings-share to a market leading real estate finance business, capable of generating healthy profit accretion for Centuria's future earnings profile. Centuria is focused on broadening the range of real estate debt offerings to its investor network, aiming to cater to the increasing appetite for competitive returns and short duration funds.