Powered Shell Leases: Centuria Industrial REIT's Data Center Strategy of June 2026

Centuria Industrial REIT owns industrial property in urban locations across Australia, and calls itself "Australia's largest domestic pure play industrial REIT." On June 16, 2026 it lodged with the Australian Securities Exchange the presentation it used at its "Investor Day." Parts of the deck follow, not the whole.

The Strategy Slide

The deck's slide on the trust's data center strategy states a limit: "CIP cannot operate data centres but can lease assets to Centuria DC." Under the heading "Two different asset strategies," it sets existing data centers, which "provide long term leases, secure cashflow," beside "Maximising the highest and best use from CIP's large, urban infill land holding by obtaining power allocations and planning approval for data centre conversion."

Under "Asset conversions," the slide lists the options the trust "may" consider: powered land leases, powered shell leases and fully fitted leases. The deck does not define the three. One slide charts estimates of what a powered shell costs to build per megawatt in the Asia-Pacific region, taken from an outside firm's index; those figures are not reported here.

Under "Funding," the slide says the trust "remains cognisant of its funding capability and is open to various options to unlock the value of the data centre opportunities," among them powered land leases and "Sale of land once power allocation and planning approval received." On development, it says the trust has "multiple development opportunities with the ability to provide new operational data centres by 2030."

"May be considered" carries the weight of the slide. Powered shell leases are on it as an option, not as a lease the trust reports signing.

The Sites

The site pages set what stands today beside what the deck calls "Future optionality." At Clayton, in Victoria, the deck reports "Power study completed, with development application submitted for 40MW," and a site "available from mid-2027, with a potential RFS (ready for service) capability in 2029."

At Thomastown, "The site sits less than 100m from the existing Thomastown terminal station." The deck says "Power applications have been lodged" and calls significant power allocations "considered likely." At Toowoomba, in Queensland, the existing operation "is a 2.5MW colocation facility," and "Power studies underway to increase power capacity" are listed. At Yarraville, near Melbourne, the deck points to a terminal station "approximately 500 metres to the south of the site" and a "Feasibility study underway on existing power capacity."