By Lewis Jackson

SYDNEY, Oct 10 (Reuters) - Investors in an Australian unlisted commercial property fund run by Centuria Capital Group who tried to withdraw money received a tiny fraction of their funds as requests exceeded available liquidity, the manager said in a statement on Tuesday.

The A$238 million ($153 million) Centuria Diversified Property Fund, which invests in offices, warehouses and other buildings across Australia, paid roughly 13% of redemption requests during a regular quarterly liquidity window in September.

Rising interest rates are hitting commercial property values as office and retail are struggle with the structural challenges of home working and online shopping.

The fund has steadily reduced the share of total redemptions it pays in the past year. During a December 2022 redemption window it paid 50% of all redemption requests, a number that fell to 16% during the June 2023 window.

Centuria did not immediately respond to a request for comment.

The glum outlook has investors rushing for the exits, often overwhelming the limited liquidity of funds in which selling assets can take months at the best of times.

A A$2.5 billion fund run by Charter Hall, one of Australia's largest property groups, gated withdrawals in June. Blackstone's giant Real Estate Income Trust has repeatedly limited withdrawals this year.

($1 = 1.5555 Australian dollars) (Reporting by Lewis Jackson)