Centurion exploring possible REIT listing

Centurion Corp, which owns and manages worker hostels in Singapore and Malaysia, is considering spinning off some of its assets via a real estate investment trust (REIT) to free up capital for expansion.

In a filing with the Singapore Exchange (SGX) on Friday (Jan 16), Centurion said it is exploring a possible REIT listing with the help of Barclays, United Overseas Bank and UOB Kay Hian.

Centurion, formerly known as SM Summit Holdings, owns and operates workers and student accommodation, as well as a storage disc manufacturing business. In Singapore, the group has 23,500 beds for workers in three facilities. A fourth facility, with 4,100 beds, is under construction.

In Malaysia, Centurion has 14,500 beds across five purpose-built workers facilities in Johor, with two more facilities underway. Centurion also owns student accommodation in Australia and the UK.

Source : Channel NewsAsia – 16 Jan 2015

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