What happened to the Centuria Capital Group (ASX:CNI) share price today?

The real estate funds manager has splashed $466 million on healthcare properties

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The Centuria Capital Group (ASX: CNI) share price finished in the green today after the company announced it has acquired more assets.

Shares in the company were swapping hands at $3.41 at market close on Thursday, up 1.49%.

Centuria Capital Group is a real estate funds manager boasting more than $18 billion worth of assets.

What did the company announce?

The Centuria Capital share price climbed after the company revealed it has taken over more than $466 million of healthcare properties in the last two months.

This includes 38 aged care assets in New Zealand for $276 million. These assets will be operated by New Zealand company Heritage Lifecare.

Centuria’s Australian-based Centuria Healthcare Property Fund will own 36% of the portfolio, while the remaining 64% will be owned by Centuria New Zealand Healthcare Property Fund.

In further news shared with the market today, Centuria Capital has also bought the $75.7 million Varsity Lakes Day Hospital run by Queensland Health. This includes six digital operating theatres, 24 consulting suites, physiotherapy services, a diagnostic imaging MRI facility, retail tenants and a gym.

The company has also secured a $38 million healthcare development site in Alexandria, Sydney.

Management commentary

Commenting on the news possibly pushing up the Centuria Capital share price, the group’s joint CEO Jason Huljich said:

These acquisitions provide unique opportunities to secure high-quality assets, further expanding Centuria’s healthcare platform across both Australia and New Zealand.

We foresee rising demand for bespoke, modern hospitals within our domestic market, which provide cost effective models of care that also focus on patient wellbeing.

Centuria Healthcare managing director Andrew Hemming added:

Demand for aged care real estate within New Zealand can continue to increase due to the undersupply of existing facilities and an increasing ageing population.

Centuria share price snapshot

The Centuria Capital share price has exploded by around 38% in the past 12 months and 30% year to date. It is also up more than 4% in the past month.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned more than 11% over the past year.

The company has a market capitalisation of roughly $2.7 billion based on its current share price.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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