The facility from global investment bank UBS boosts Centuria Bass’ AUM to $1.9 billion
Non-bank lender and investment manager Centuria Bass Credit has obtained a new warehouse facility worth approximately $150 million, with an initial $100 million senior secured commitment from global investment bank UBS.
The facility, which will finance first mortgage bridging finance and residual stock loans to real estate borrowers, boosts Centuria Bass’ assets under management (AUM) to $1.9 billion. The financing commitment from UBS diversifies Centuria Bass’ funding sources and is structured to scale in the short to medium term.
Centuria Bass, established in 2016 by joint chief executives Giles Borten (pictured above) and Nick Goh, saw Centuria Capital Group acquire a 50% interest in 2021 and recently increase its stake to 80%.
“We are very pleased to have UBS as a financing partner to assist us in providing the domestic market with finance on short terms of less than 24 months,” Borten said. “We are targeting the middle-market real estate finance sector, which is often overlooked.”
The new facility will operate alongside Centuria Bass’ existing closed-ended and open-ended private credit funds.
“The non-bank real estate lending sector is a key growth sector in Australia,” said Holly Clements, head of leveraged capital markets of Australasia at UBS. “We are pleased to be partnering with Centuria Bass to provide this financing and support their further growth in this important market.”
Jason Huljich, Centuria joint chief executive, added that the financing partnership reflects the non-bank real estate finance sector’s strong tailwinds and reaffirms Centuria’s conviction in real estate credit funds.
“Within the past three years, Centuria Bass has grown its funds under management from around $270 million to around $2 billion and looks to capture further tailwinds from this sector,” Huljich said. “We are pleased to further expand our institutional partnerships through our first financing commitment from UBS. The new facility further diversifies Centuria’s capital sources and liquidity with the ability to immediately deploy funds.”
Centuria Bass provides private credit real estate finance throughout Australia and New Zealand, with offices in Sydney, Melbourne, Adelaide, and Auckland.
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