[SINGAPORE] Shares of property management company Centurion Corporation surged as much as more than 5% on Monday (Jul 14), after it lifted the trading halt it had put in place that morning.
The group had announced that it entered into agreements for the proposed listing of its new real estate investment trust (Reit) – named Centurion Accommodation Reit – slated for the mainboard of the Singapore Exchange on Monday.
As at 1.03 pm, its shares had jumped by S$0.07 or around 4 per cent to S$1.83, and subsequently 5.1 per cent or S$0.09 to S$1.85 at 1.27 pm. By 2.41 pm, it had cooled to S$1.82, still up 3.4 per cent or S$0.06, after over 1.1 million securities were transacted.
Centurion Accommodation Reit will cover 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 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. Following the completion of a deferred acquisition of the Epiisod Macquarie Park development in Sydney, the enlarged portfolio will comprise 15 assets with a total of 27,602 beds.
The agreed property value for the initial portfolio stands at over S$1.8 billion, rising to around S$2.1 billion upon the completion of the Sydney asset, said the company in a Monday statement.
The manager of the Reit will be Centurion Asset Management, a wholly owned unit of Centurion Corp, while Perpetual (Asia) will serve as trustee.
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