Centurion - Phillip Securities 2025-09-15: REIT Listing Nears Finish Line

• 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.

Yik Ban Chong Phillip Securities Research | https://www.poems.com.sg/ 2025-09-15

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