Centurion unit, LionRock form JV for Hong Kong student housing
The JV estimates project cost and initial working capital to be HK$11.5m (or $2m).
Centurion Overseas Investments (COIPL) has established a joint venture with LionRock Property Limited to lease and manage accommodation assets in Hong Kong.
COIPL, a wholly owned subsidiary of Centurion Corporation, holds 60% of the JV company.
The JV company, Centurion-Lionrock (HK) Limited, has leased a building from Smart Enterprises Limited, which it intends to refurbish into student accommodation with a total capacity of 66 beds.
Centurion expects to complete the refurbishment of the property and begin its operations in September 2024.
The JV estimates project cost and initial working capital to be HK$11.5m (or $2m). The JV will fund the project through a shareholder loan at an annual interest of 8% from COIPL.
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