Bookmark & Share
Centurion Corporation, the company which owns workers accommodation in Singapore and Malaysia announced Monday (19 January) that it is currently of its workers accommodation assets into the REIT to be listed on the Mainboard of Singapore Exchange Securities Trading (SGX-ST).
In a SGX filing on Friday (16 January), is looking to recycle some of its assets through a real estate investment trust (REIT) to free up capital for the expansion of its accommodation business. The group is currently working with Barclays, United Overseas Bank Limited and UOB Kay Hian to explore the proposed transaction.
Centurion Corporation CEO, Kong Chee Min, said: “We are exploring the feasibility of injecting certain workers accommodation assets into a REIT to unlock value for shareholders as well as to free up capital for strategic acquisition opportunities.”
Centurion Corporation, formerly known as SM Summit Holdings, owns and operates workers and student accommodation assets under the Westlite brand management. The company has 23,500 beds spread across three accommodation assets in Singapore and another 14,500 beds across five purpose-built workers accommodation assets in Johor, Malaysia. The group also has students accommodation assets in Australia and the UK.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
Related Articles:
Retail rents likely to be flat for 2015
For Sale: Prime strata retail units at People's Park Complex