Centuria Capital Group has expanded its agricultural real estate platform to $1.3 billion after acquiring the management rights to the Arrow Primary Infrastructure Fund. The transaction includes the purchase of Arrow Funds Management, the responsible entity for the unlisted APIF and its associated operating trust. Centuria described the off-market deal as immediately accretive, noting it represents a 5.5-times EBIT multiple once synergies are realised.
APIF holds 22 assets valued at $444 million and, as of June 2025, carries a 12.7-year WALE. The portfolio is leased to prominent Australian primary producers, among them Baiada Poultry Group, Select Harvests, Nutrano Group, Pace Farms and SunPork Group. Its agricultural mix spans poultry facilities, pork production, almond and macadamia orchards, mango operations, dried-fruit vineyards and an organic glasshouse. Centuria believes its established investor network will help accelerate the fund's future growth.
Joint CEO John McBain said the acquisition strengthens Centuria's strategy of diversifying into high-conviction alternative real estate sectors, especially agriculture, which the group has scaled significantly since the post-COVID period. Fellow CEO Jason Huljich emphasised the value of welcoming Arrow's investors and retaining the expertise of Arrow's long-time leader, Andrew Ashbolt, who will join the APIF Investment Committee. The acquisition, funded through existing cash and undrawn debt, will see Arrow's entire management team transition to Centuria.
Source: centuria.com.au
