2354 GMT [Dow Jones]--Centuria Capital appears to be taking a large counter-cyclical view of Sydney's office market, says Jefferies. Centuria Capital is acquiring World Square for A$450 million. Analyst Andrew Dodds says the asset is 21 years old, 88% occupied and in a sub-optimal part of Sydney's business district. "It also represents a doubling-down on secondary office at a time when Centuria Capital's listed satellite, Centuria Office REIT, trades near all-time lows and at a 45% discount to net tangible assets," Jefferies says. It notes investors are skeptical about the deal. Centuria Capital's price-to-earnings multiple has shrunk aggressively. "Despite this, we estimate the acquisition and capital raising (assuming 15% co-invest) would result in 4% accretion to our FY27 operating EPS, and is not currently reflected in consensus forecasts," Jefferies says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

May 11, 2026 18:56 ET (22:56 GMT)

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