We Initiate Coverage on Centuria Capital Group With AUD 2.40 Fair Value Estimate and No-Moat Rating

Unlike most entities in the real estate sector, Centuria Capital Group runs a capital-light model. The group predominantly earns fees from managing real estate investments and distribution income from co-investing in some of these vehicles. As of June 30, 2025, Centuria’s platform houses real estate assets under management of AUD 20 billion and investment bonds of AUD 1 billion (total group AUM of AUD 21 billion). It offers a broad range of investment options, including listed REITs, unlisted property funds and real estate credit funds.