John McBain

Primewest has received an off-market takeover bid from fellow property fund manager Centuria Capital, with the combined group to have $15.5 billion in assets.

Real estate fund manager Centuria Capital Group has posted a $292.6 per cent rise in revenue and 63 per cent profit uplift on the back of strong acquisition activity during the 2021-22 financial year.

The Primewest brand may be gone but its three founders are still doing deals.

The real estate fund manager says its absorption of Primewest has helped buoy its funds under management to a record $21.1 billion in its recent half-year results.

The ASX-listed property fund has retained a $21.1 billion asset base, but reported a 15.5 per cent operating profit loss.

The property fund giant has grown its assets under management back to $21.1 billion and reported a 3.5 per cent drop in net profit after tax.