Centurion Corporation, the Singapore-based specialist accommodation provider, plans to list a real estate investment trust which will own its workers’ and student accommodation assets, on the Singapore Exchange.
The Singapore-listed company told shareholders that it was currently exploring a proposed transaction, and, if established, it would be sponsored by Centurion.
In connection with the proposed transaction, the company said it was also considering to effect a dividend in specie of some of the units in the proposed REIT to its shareholders.
“The details, including the terms and the timing of the proposed transaction, are currently being explored,” said Centurion chief executive officer, Kong Chee Min.
“The proposed transaction will be subject to, among other things, market conditions, commercial negotiations and the relevant regulatory, shareholders’ and other approvals being obtained and the execution of definitive agreements by the relevant parties.”
Kong cautioned shareholders that there was no certainty or assurance that the proposed transaction would occur or occur in the form as described in this announcement.
Centurion, which has S$2.1bn (€1.5bn) assets under management, operates 34 properties with 66,660 beds located in 15 cities spanning six countries.
Workers’ dormitories remain the backbone of the company’s operations since it began providing accommodation to overseas workers in 2011. Centurion operates and manages more than 62,000 beds located across 17 buildings in Singapore and Malaysia.
In 2014, it branched into student housing with its maiden investment in Melbourne in 2014, which was quickly followed by further acquisitions in the UK. As at August 2024, its portfolio consisted of 17 PBSA assets in the UK, Australia, the US and China, offering a total of nearly 5,300 beds.
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