Centurion is considering the establishment of a Real Estate Investment Trust (REIT) comprising some of its worker and purpose-built student accommodation (PBSA) assets.
The plan has sent its share price surging. The price increased by 6.3% on 8 January 2025 after the news began to emerge. The REIT will be listed on the mainboard of the Singapore Exchange (SGX), subject to approval from the bourse and the Monetary Authority of Singapore.
Centurion is working in collaboration with DBS Bank and the Singapore branch of UBS to explore the proposal. It is considering the details, including the terms and the timing of the listing.
“The proposed transaction will be subject to, among other things: market conditions; commercial negotiations; the relevant regulatory, shareholders’ and other approvals being obtained; and the execution of definitive agreements by the relevant parties.”
Statement, Centurion
The company also advised shareholders to note that there is no certainty or assurance that the proposed Reit listing will occur in the form as described. However, as part of the current transaction, the company is considering distributing some of its units in the proposed REIT directly to its shareholders as a dividend.
Centurion, together with its subsidiaries, owns, develops and manages student accommodation assets in Australia, the United Kingdom, United States, and China, purpose-built workers accommodation assets in Singapore, Malaysia, and China, and Build to Rent assets in China.
