Centuria Launches $300M Raise to Scale AI Factories and Unlock 200MW+ Power Assets
Centuria launches $300 million capital raise to accelerate AI and real estate growth
Centuria Capital Group (ASX: CNI) has launched a $300 million fully underwritten equity raising to accelerate growth across two platforms: ResetData AI Factories and its real estate equity and credit funds management business. The raise comprises a $200 million institutional placement and a $100 million accelerated non-renounceable entitlement offer on a 1 for 17 basis.
The capital will fund ResetData’s expansion into Australian AI infrastructure, where Centuria holds a 50% ownership stake. ResetData is positioned as one of three Australian NVIDIA Cloud Partners, with management targeting potential near-term deployment of 10,000+ GPUs across existing and pipeline AI Factories. The raise also supports Centuria’s real estate strategy, including origination of larger unlisted funds, private credit growth, and unlocking a potential 200MW+ power pipeline across existing assets.
The fully underwritten structure reduces execution risk, whilst the dual allocation provides funding flexibility to pursue time-sensitive opportunities in both AI infrastructure and traditional real estate as market conditions evolve.
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Pricing and dilution details
New Securities will be issued at $2.00 per security, representing a 6.0% discount to the distribution-adjusted last close price of $2.18 (adjusted for the 5.2 cents per security interim distribution with a 30 June 2026 record date). The issue price also reflects a 5.2% discount to the distribution-adjusted theoretical ex-rights price (TERP) of $2.11.
Approximately 150 million new securities will be issued under the Equity Raising, equivalent to approximately 17.6% of existing securities on issue. New Securities will rank equally with existing securities from the date of allotment but will not be entitled to the distribution for the six months ending 30 June 2026, as the record date will have passed by the time New Securities are issued.
| Metric | Value |
|---|---|
| Issue Price | $2.00 |
| Last Close (adj.) | $2.18 |
| Discount to Close | 6.0% |
| TERP (adj.) | $2.11 |
| Discount to TERP | 5.2% |
The discount structure balances attractiveness to investors with capital efficiency, whilst the distribution adjustment ensures pricing reflects the true economic position of securityholders post-entitlement.
ResetData expansion takes centre stage
Since completing its first Australian AI Factory (AI-F1), Centuria has reported increased customer demand for AI capacity. The equity raising will assist in accelerating the establishment of existing and pipeline AI Factories, with management targeting potential near-term deployment of 10,000+ GPUs and opportunity to expand into Centuria’s portfolio over time.
ResetData’s competitive position is underpinned by its status as one of three Australian NVIDIA Cloud Partners, a designation that provides preferential access to high-demand GPU hardware. Management explicitly referenced the rapid re-ratings experienced by comparable neocloud platforms in Australia as contracts and scale have emerged, positioning this dynamic as a driver of the raise timing.
The AI Factory model leverages Centuria’s real estate platform, including access to land and a potential 200MW+ power pipeline across existing assets. This integration of physical infrastructure with AI capacity distinguishes Centuria-ResetData from pure-play neocloud operators.
John McBain and Jason Huljich, Joint CEOs
“The Centuria and ResetData combination has created a differentiated NVIDIA neocloud partner with scalable sovereign AI Factories and access to Centuria’s real estate, land and potential 200MW+ power pipeline.”
The indicative GPU deployment target is subject to contracts being secured, with actual revenues dependent on agreed contract terms and pricing. The raise provides funding flexibility to respond to customer onboarding enquiries across existing and potential Centuria or third-party power pipelines.
What is a neocloud and why does it matter for investors?
Neocloud platforms are specialised cloud providers focused on AI and GPU compute rather than traditional cloud services. Unlike established cloud infrastructure providers, neoclouds target the growing demand for AI workloads that require significant computational power, purpose-built facilities, and access to scarce GPU hardware.
The NVIDIA Cloud Partner designation matters because it provides preferential access to NVIDIA’s latest GPU technology at a time when global supply constraints have created extended lead times for AI infrastructure deployment.
An AI Factory is a purpose-built facility designed specifically for AI workloads. These facilities require substantial power and cooling infrastructure, typically measured in megawatts rather than the kilowatts required for traditional data centres. Centuria’s real estate platform provides a unique advantage here, with the company controlling land and existing assets that can be converted or expanded to support AI infrastructure.
Centuria’s position as a real estate owner with a potential pathway to 200MW+ of power across existing assets differentiates its AI strategy from pure-play technology operators. The company can control the physical assets underpinning AI capacity, potentially reducing deployment timelines and improving unit economics compared to operators reliant on third-party infrastructure.
Real estate and credit platform growth
The equity raising will support origination and underwriting of existing and potential real estate transactions, with a strategic focus on creating larger unlisted real estate funds and seeding co-investments in institutional mandates. Management noted that Centuria’s recent real estate acquisitions have been successively larger in scale, reflecting the company’s strategy of scaling up its real estate platform.
Centuria’s recent real estate activity has reflected this scaling strategy in practice, with the Chadstone Homemaker Centre acquisition adding an $86 million large-format retail asset anchored by a Bunnings tenancy through 2030 to the portfolio.
The private credit opportunity represents a growth vector in a sector where Centuria currently holds approximately 1% market share. The addressable market is expected to grow at approximately 13% per annum from CY25 to CY28, according to Alvarez and Marshall sector analysis. Centuria plans to utilise its distribution capabilities to increase market share across select private credit funds.
The capital allocation includes three core initiatives:
- Larger unlisted real estate funds and institutional mandate co-investments
- Private credit fund growth leveraging distribution capabilities
- Unlocking a pathway to 200MW+ of power across existing assets with future AI Factory optionality
Support for real estate transactions includes deposits, due diligence costs, upfront financing costs and, if required, temporary underwriting of funds through investment in acquisition units pending their sell-down through Centuria’s investor network. This structure allows Centuria to move quickly on larger opportunities whilst managing balance sheet exposure.
The power asset optionality creates strategic flexibility to expand AI Factory capacity across Centuria’s existing portfolio if customer demand justifies further investment. The timing of capital allocation to AI versus real estate is dependent on market conditions and the securing of new fund opportunities or AI Factory opportunities as they arise.
FY26 guidance reaffirmed
Centuria has reaffirmed FY26 operating earnings guidance of 13.6 cents per security, representing 11.5% growth above FY25. The guidance is maintained despite the equity raising, signalling management confidence in the near-term earnings trajectory and the earnings-accretive nature of planned capital deployment.
The maintenance of earnings guidance through a 17.6% dilution to the security base is noted against the growth acceleration potential from deploying capital into opportunities in both AI infrastructure and real estate.
The guidance does not incorporate speculative upside from potential AI Factory contract wins beyond those already committed, indicating a conservative approach to forward estimates whilst the ResetData pipeline develops.
Entitlement offer details for retail investors
Eligible securityholders with a registered address in Australia and New Zealand can participate in the Retail Entitlement Offer at $2.00 per New Security. Eligible retail holders who take up their full entitlement will be offered the opportunity to apply for additional New Securities under a Top-Up Facility, capped at 25% of their entitlement.
The Top-Up Facility does not assure eligible retail securityholders of being allocated the number of additional New Securities applied for. If eligible retail securityholders apply for more additional New Securities than available, Centuria and the Underwriters will scale back applications in accordance with the allocation policy outlined in the retail offer booklet.
The Record Date for the Retail Entitlement Offer is 7:00pm AEST, Wednesday 24 June 2026. Securityholders who do not satisfy the eligibility criteria or are in excluded jurisdictions will not be eligible to participate.
Key Retail Offer Dates:
- Record Date: 24 June 2026 (7:00pm AEST)
- Retail Offer opens: 26 June 2026
- Early Retail Acceptance: 29 June 2026 (5:00pm AEST)
- Retail Offer closes: 7 July 2026 (5:00pm AEST)
- Retail securities issued: 14 July 2026
Eligible retail securityholders with questions about the Retail Entitlement Offer can contact Centuria’s Offer Information Line on 1800 182 257 (from within Australia) or +61 2 9290 9600 (from outside Australia) from 8:30am to 5:00pm (AEST) Monday to Friday during the Retail Entitlement Offer period.
The Retail Entitlement Offer will be made pursuant to the terms set out in the investor presentation released to the ASX and the retail offer booklet to be dispatched to eligible retail securityholders.
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What this raise means for Centuria’s investment case
The $300 million fully underwritten equity raising provides Centuria with funding flexibility to pursue time-sensitive opportunities across AI infrastructure and real estate without balance sheet constraints. The fully underwritten status reduces execution risk, ensuring capital certainty regardless of market conditions during the offer period.
The raise positions Centuria to capitalise on dual growth vectors: earnings expansion from its core real estate and credit platform, and potential re-rating from AI Factory scale-up. Management explicitly referenced comparable neocloud re-ratings as a valuation benchmark, signalling confidence that ResetData’s pipeline can support a similar trajectory as contracts and scale emerge.
The dilution trade-off is material, with approximately 150 million new securities representing 17.6% of existing securities on issue. This is balanced against the growth acceleration potential from deploying capital into opportunities that management views as capable of generating returns sufficient to offset the dilutive impact, as evidenced by the reaffirmation of 13.6 cents per security FY26 operating earnings guidance.
The strategic rationale centres on capturing near-term AI infrastructure demand whilst continuing to scale the real estate platform through larger unlisted funds, institutional mandate co-investments, and private credit growth in a sector growing at approximately 13% per annum. The 200MW+ power pipeline optionality creates future flexibility to expand AI Factory capacity across Centuria’s existing portfolio if customer demand justifies further investment.
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