UPDATE 1-Australia's Centuria Capital to buy Primewest for $462 mln

(Adds details, per share value)

April 19 (Reuters) - Australian investment manager Centuria Capital Group said on Monday it would buy Primewest Group in a stock and cash deal that values the property fund manager at A$598.8 million ($462.51 million).

Primewest shareholders will get A$1.51 per share, a 3.1% premium to last closing price.

The Primewest board, whose directors represent 53% of its shares, have confirmed their intention to accept the deal.

Centuria says the deal will combine two complementary real estate platforms, and the merged entity is expected to have assets under management of over A$15 billion with a market cap of A$2.2 billion - well placed for S&P/ASX 200 index inclusion.

$1 = 1.2947 Australian dollars Reporting by Arundhati Dutta in Bengaluru; editing by Diane Craft