CENMIF
Fund Overview
The Centennial Metro Industrial Fund (CENMIF) provides wholesale investors with access to a high quality, income producing portfolio of metro industrial & logistics (Metro I+L) assets located in land constrained metropolitan markets across Australia.
With a mandate spanning core, core plus, value add and select development opportunities, the Fund is designed to capture both stable income and long-term capital growth in Australia’s most resilient industrial sub sector.
As an active real estate manager with a long-term track record of performance, Centennial is committed to delivering sustainable income distributions and enhanced capital growth through a carefully curated portfolio of core, core-plus, value-add and development opportunities across the sector.
Fund Open
13.0% p.a.
Target IRR
5.0% p.a.
Target Yield
$500m
Target Fund Size
Core Property rating: Recommended*
WHY INVEST
Investment Highlights
- Metro I+L has sustained fundamentals, outperforming the broader I+L market with a low 2.8% vacancy and stronger 4.8% rental growth.
- A well diversified portfolio of high-quality assets ($500m GAV target in initial 2 years) providing enhanced returns.
- Secure income profile underpinned by 100% occupancy, 3 year WALE, 11 tenants and 94% to national tenants.
- Flexible Fund structure allowing for efficient capital allocation and liquidity via periodic windows.
- Centennial is an industry leading real estate manager with a long-term track record and 20%% IRR on realised assets since inception.
METRO I+L
What is Metro Industrial + Logistics?
Metro Industrial & Logistics (Metro I+L) is a specialised segment of the industrial market, comprising assets typically 1,000–10,000 sqm in infill, land-constrained locations near major population centres.
Sitting at the intersection of last-mile logistics and urban infrastructure, these assets are critical to how goods move through modern cities—yet remain underrepresented in institutional portfolios.
Often overlooked due to their smaller scale and active management requirements, Metro I+L assets offer a compelling opportunity, supported by strong demand, constrained supply, and the ability to unlock value through hands-on asset management.
Asset Value
$10m to $75m
- Reduced competition: too large for privates and overlooked by institutional investors due to scale.
- Primarily acquired off-market: proving access to a select few groups.
- Result: Attractive relative pricing
Tenancy Sizes
1,000 to 10,000 sqm
- Most active leasing market with strongest demand
- Limited to new supply
Located in metro
locations
- Located within established, inner-ring, infill and land constrained markets
- Competing against obsolete stock
- Close to high population growth areas
- Less supply due to limited availability of land
- Higher underlying land values
METRO I+L
Why Metro Industrial + Logistics?
Metro I+L assets are essential to the efficiency of today’s supply chains. Located close to end customers, they enable faster delivery times and lower transport costs—which can account for 45–70% of total operating expenses, compared to ~10% for occupancy costs.
As a result, occupiers are increasingly willing to pay higher rents for well-located infill assets, recognising the broader operational savings and service advantages.
Underserviced market
A niche segment typically valued between $10m–$75m, with deep tenant demand and limited institutional competition.
Infill locations with enduring value
Located in established, inner-ring markets near CBDs, transport corridors, and key infrastructure – where land is scarce and replacement cost is high.
Attractive relative pricing
Compelling pricing compared to larger-format assets, supported by strong underlying land values and rental growth potential.
Less competition, more access
Smaller lot sizes and active management requirements create opportunities to acquire, reposition, and enhance assets.
Tenant demand
Metro I+L assets are ideally suited to national and global occupiers requiring proximity to customers, enabling faster delivery and improved service levels.
Supported by structural growth
Australia’s population is projected to grow by approximately 2 million people by 2030, driving increased demand for industrial space—particularly in metropolitan areas.
Based on industry benchmarks, this growth will require an estimated ~9 million sqm of additional industrial floorspace, reinforcing the long-term demand outlook for well-located Metro I+L assets.
*Cushman Wakefield Research 2025
HOW TO INVEST
Looking to invest?
1.
Register
Register your interest and receive a copy of the Information Memorandum (IM).
2.
Read
Read the Information Memorandum (IM) in full.
3.
Consult
Consult your financial adviser or other professional adviser.
Getting started in commercial property investing?
Whether you’re considering an investment in an unlisted property trust, or a diversified property fund, each aims to provide investors with portfolio growth and regular income.
If you’re interested in the benefits, talk to your financial adviser or contact us directly.
Ready to invest?
Thank you for your interest in Centennial. Fill in your details and we’ll get back to you shortly.
Please note that we are only able to accept investors who are ‘Wholesale Clients’ under the Corporations Act 2011 (Cth).
LYLE HAMMERSCHLAG
Executive Director – Private Wealth
M +61 419 211 577
E lhammerschlag@centennial.com.au
DYLAN TOMKINS
Director Wealth Management
M +61 452 605 909
E dtomkins@centennial.com.au
JOHN MEIGAN
State Manager – Private Wealth QLD
M +61 418 875 527
E jmeigan@centennial.com.au
NELMARI OELOFSEN
Investor Relations Manager
M +61 423 227 742
E noelofsen@centennial.com.au
*The Core Property rating (assigned in May 2026) presented in this document has been prepared and issued by Core Property Research Pty Ltd (“Core Property”), which is an Authorised Representative ASIC number 1280479 of Core Property Research Holdings Pty Ltd (ACN 633 170 751, AFS License No. 518320) (Licensee), and trading as Core Property. Whilst the information contained in the report has been prepared with all reasonable care from sources that Core Property believes are reliable, no responsibility or liability is accepted by Core Property for any errors, omissions or misstatements however caused. Past performance information is for illustrative purposes only and is not indicative of future performance. The Core Property publication is not and should not be construed as, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information only. Neither Core Property nor the Participant is aware that any recipient intends to rely on this Report or of the manner in which a recipient intends to use it. The rating is subject to change without notice and Core Property assumes no obligation to update the report.