Centuria Capital Group (ASX:CNI) is an Australian funds manager focused on real estate. It manages listed and unlisted property funds across industrial, office, healthcare, agriculture and other sectors, and it provides property and development finance. The group has also entered the data centre and AI infrastructure market through its ResetData joint venture. John McBain is Joint CEO.

On 2 October 2026, Centuria shares were trading at $1.173, down 1.47%. The broader listed property sector also declined, with the S&P/ASX 200 Real Estate index (ASX:XRE) at 3,178.8, down 1.65% as of 11:47 am, while the S&P/ASX 200 (ASX:XJO) rose 0.79% to 8,682.10. The sector has been affected by expectations of further Interest Rate increases in Australia, the US and elsewhere. Higher rates can increase financing costs, weigh on property values and make cash and bonds more appealing, and elevated bond yields can draw capital away from real estate.

Centuria manages a number of listed REITs, including Centuria Industrial REIT, as well as unlisted property funds.

Recent Developments

On 27 August 2026, Centuria announced its FY26 results for the period ended 30 June 2026. Key figures include:

  • Operating net profit after tax (ONPAT) was $113.8 million, compared with $100.8 million in FY25.
  • Operating Earnings per security (OEPS) were 13.6 cents, 11.5% above FY25.
  • Distributions per security were 10.4 cents.
  • Statutory NPAT attributable to securityholders was $56.5 million, or 6.7 cents per security.
  • Operating EBITDA grew to $182.5 million, with 23% growth in the core Property Funds Management segment.
  • Group Assets under management reached a record $22.2 billion, with $1.2 billion of real estate acquisitions.
  • Cash and undrawn Debt totalled $445 million.

For FY27, Centuria has guided to ONPAT of $130 million, 14% above FY26, OEPS of 13.0 cents and distributions of 10.4 cents per security. Mr McBain said the results reflect increased real estate activity, delivered through both organic acquisitions and the Acquisition of the Arrow Primary Infrastructure Fund, which strengthened the platform's diversification. He said the group aims to keep growing AUM, including through larger acquisitions, citing the recent completion of the $454 million Sydney CBD Prime Office Fund.

Mr McBain said the group has conviction in the opportunities presented by the ResetData joint venture in data centres and AI infrastructure, noting this will require capital deployment in the near term to create a pathway for future Revenue growth. ResetData is deploying GPU infrastructure across part of 10MW of near-term power capacity, and Centuria's potential data centre pipeline has increased to more than 250MW. Property Investment earnings were $92.2 million, and property and development finance EBITDA was $24.3 million.

Mr McBain said the results were delivered despite prevailing economic and geopolitical conditions, through both organic growth and the acquisition of the Arrow Primary Infrastructure Fund. Operating EBITDA growth was supported by higher recurring revenues, transaction activity and performance fees in the Property Funds Management segment. Asset recycling initiatives and new acquisitions to seed funds contributed to the proportionately consolidated property investment earnings. The company said it commenced FY27 with the capital and platform to execute on its objectives.

Sector Context

Real estate fund managers earn management fees, transaction fees and performance fees, which grow with AUM and activity. Demand from investors for property exposure, including unlisted funds, depends on interest rates, returns on alternative assets and market confidence.

Data centres and AI infrastructure have become a new focus for property groups, though these investments require significant capital and technical expertise. Higher interest rates can slow fund raising and transactions, and may affect property valuations across managed funds, which in turn influences fee income.

The listed property funds management sector includes several Australian groups that manage both listed REITs and unlisted funds. Unlisted property funds have been popular with retail and wholesale investors seeking income, but redemptions can increase when interest rates rise and alternative investments offer higher returns. Fund managers that diversify into new asset classes, such as infrastructure and data centres, may access new sources of growth.

Centuria's acquisition of the Arrow Primary Infrastructure Fund expanded its platform into infrastructure assets, adding Diversification beyond traditional property sectors.

Risks and Uncertainties

Centuria's OEPS guidance for FY27 of 13.0 cents is below the FY26 outcome of 13.6 cents, even though ONPAT is expected to rise. The ResetData joint venture requires near-term capital before revenue builds, and its success is uncertain. Rising interest rates could slow fund flows and transactions. Statutory profit was well below operating profit. Exposure to office funds may carry sector-specific risks.

Performance fees contributed to FY26 earnings and may not recur at the same level. Data centre investments involve technology, power and customer risks that differ from traditional property.

Catalysts Investors Can Watch

Investors may watch for AUM growth, new fund launches and acquisitions, progress at ResetData on GPU deployment, and delivery of FY27 ONPAT guidance. Interest rate trends and investor demand for property funds will be relevant.

Updates on the Sydney CBD Prime Office Fund and other larger fund launches, as well as the deployment of capital into ResetData, will be relevant. Changes in investor demand for unlisted funds may also affect AUM growth.

Wrapping Up

Centuria's FY26 result showed growth in operating earnings and AUM, along with an expanding data centre strategy. Capital deployment into new ventures and property market conditions are likely to be key areas of focus.

The balance between investing in data centres and growing its core real estate funds will be closely followed.