Centurion Corporation has unveiled a S$1.8bn (€1.2bn) portfolio of global assets for its proposed Centurion Accommodation REIT, which is seeking to list on the Singapore stock exchange.
The company said Centurion Accommodation REIT, which is awaiting approval to proceed with its planned initial public offering, would own assets in the UK, Singapore and Australia.
Centurion Accommodation REIT’s portfolio primarily consists of purpose-built student accommodation (PBSA) and workers housing, with additional assets spanning build-to-rent, co-living and senior housing.
Centurion said the initial portfolio would have 14 assets, consisting of five workers’ dormitories in Singapore, eight PBSA buildings in the UK and one student housing property in Australia.
Centurion said following the completion of a deferred acquisition of Epiisod Macquarie Park in Sydney’s north, the enlarged property portfolio would comprise 15 assets with a total of 27,062 beds.
It said the property value for the initial portfolio stood at more than S$1.8bn, and would rise to around S$2.1bn upon the completion of the Sydney asset.
The trust is acquiring the assets from Centurion, and in some instances from the company’s co-investors. It said that it had completed the necessary agreements to acquire the assets for the new vehicle.
Centurion Asset Management will be the manager of the real estate investment trust and Perpetual Asia will be its trustees.
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