Centurion Accommodation REIT will offer 262mil units priced at S$0.88 each. There will be 1,719mil total units in issue following its listing, valuing the REIT at S$1,513mil in equity value. Following Centurion Accommodation REIT’s target listing on 1 Oct 2025, Centurion will own a 45% stake in Centurion Accommodation REIT.
- Read this at SGinvestors.io -
- Read this at SGinvestors.io -
Key Highlights
Centurion Shareholders vote in favour of Centurion Accommodation REIT’s divestment at its EGM on 10 Sep 2025.
Centurion Accommodation REIT’s portfolio will include 14 assets comprising five purpose-built worker accommodation (PBWA) in Singapore, eight purpose-built student accommodation (PBSA) in the UK and one PBSA in Australia. Centurion Accommodation REIT’s acquisition of the 732-bed Epiisod Macquarie Park PBSA in Australia will only take place after the REIT’s listing date.
Centurion will wholly own the manager and property managers of Centurion Accommodation REIT. We expect FY26e management fees to be S$11.6mil based on the prospectus, charging base fees of 10% per annum of Centurion Accommodation REIT’s annual distributable income and performance fees equal to 25% of the increase in DPU per financial year.
We estimate the dividend in specie payout for Centurion shareholders to be about S$113.5mil at midpoint, ~7.5% of market capitalization.
Centurion Accommodation REIT will offer 262mil units for subscription, each priced at S$0.88.
Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research. Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
