Centuria Capital Group (ASX:CNI) has acquired the management rights to the unlisted agricultural real estate fund, Arrow Primary Infrastructure Fund (APIF), increasing its agriculture vertical to AU$1.3 billion, according to a Monday statement.

The company said it is acquiring agriculture fund manager, Arrow Funds Management, which is the responsible entity for APIF and its stapled operating fund, Arrow Operations Trust.

The off-market acquisition is accretive to Centuria's future earnings profile, representing a 5.5 times earnings before interest and tax multiple post synergies being implemented, the statement added.

APIF comprises a portfolio of 22 properties worth AU$444 million with a 12.7-year weighted average lease expiry as of June 30.

APIF assets are located throughout New South Wales, Victoria, South Australia, and the Northern Territory and are predominantly leased on annual consumer price index-linked rental escalations.

Centuria will fund the acquisition through cash and undrawn debt.

The company's shares fell 1% in recent Monday trade.