** Centuria Capital Group's CNI.AX shares rise nearly 4% to A$1.9075, highest level since Dec 18, 2024

** Investment manager buys Port Adelaide Distribution Centre for A$216 mln ($139.5 mln), about 70% discount to replacement cost

** Says acquisition is to house new unlisted Centuria Port Adelaide Industrial fund, Australia's largest single-asset industrial fund to date

** Fund has targeted equity raise of A$116 mln

** Fund to offer 7.50% p.a. distribution for FY26, available to investors from Sept

** The acquisition is a strong start to FY26 and we anticipate significant investor interest due to the decreasing interest rate environment - Jason Huljich, Centuria joint CEO

** Stock up about 7.5% YTD

($1 = 1.5482 Australian dollars)

(Reporting by Ananya Verma in Bengaluru)

((ananya.verma@thomsonreuters.com))