Centuria (ASX:CIP) share price rises as a new development announced

Centuria Industrial REIT (ASX: CIP) shares are gaining today on the back of a new property purchase. At the time of writing, the Centuria share price is $3.49, up 0.87% on yesterday’s close.

Let’s take a closer look at the news released by the industrial real estate investment trust this morning.

New industrial estate

Centuria has acquired an 8-hectare parcel of land in Dandenong South, near Melbourne, on which it plans to build a six-asset industrial estate.

The land has cost Centuria $26.3 million and the company will be spending another $62.5 million to build on it. Centuria estimates the end value of the estate will be $88.8 million….