Centurion plans new REIT Listing on SGX

It will cover income-generating assets in the purpose-built worker accommodation.

Centurion Corporation has entered into agreements for the proposed listing of its new real estate investment trust, Centurion Accommodation REIT, on the mainboard of the Singapore Exchange.

It will cover income-generating assets in the purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA), and other long-stay lodging segments globally, excluding Malaysia.

The proposed initial public offering (IPO) will include 14 assets at launch, consisting of five PBWA properties in Singapore, eight PBSA properties in the UK, and one PBSA property in Australia.

The company expects to divest about $1.2b worth of its stake in the initial portfolio to the REIT. This comprises around $497m in cash and about $687m in the form of sponsor units.

The group intends to use around $1.2m from the proceeds to cover professional fees and other expenses due to the IPO of Centurion Accommodation REIT.

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