Centurion to snap up $187m US property

It eyes acquiring five student accommodation assets.

Centurion Corporation eyes entering the United States' market with the planned acquisition of five student accommodation assets across four states through its subsidiary, Centurion Overseas Investment.

Centurion noted that the portfolio comprised 1,936 beds across five operational student accommodation assets and has a purchase consideration of US$136m ($187m). 

According to the group, it intends to have an interest of up to 30% of the assets and is in discussion with various third party investors, which will own the remaining interest.

The proposed acquisition is expected to be completed on or about end-September and the five fully operational assets will be earnings accretive to the group’s earnings from the fourth quarter of 2017.

With the anticipated addition of 1,936 beds from the portfolio assets, Centurion will have a total of 5,424 beds under management across 16 student accommodation assets in four geographical locations, namely the U.S., the United Kingdom, Australia, and Singapore.