Centurion Corporation plans to acquire a student accommodation asset in the UK for 10.445 million pounds, or some $17.95 million, as it taps the recovery of this property sector.
The freehold 103-bed property is in Nottingham, United Kingdom, and will enlarge Centurion’s purpose built student accommodation portfolio to 2,910 beds in 11 assets across 5 cities.
Besides this latest Nottingham property, Centurion’s other existing assets are in Manchester, Liverpool, Bristol and Newcastle.
The Nottingham property was built in 2018 and is operating as The Orbital will be rebranded as dwell Orbital upon completion of the acquisition. It is sited at a short walk to Nottingham Trent University and accessible to the University of Nottingham as well.
“The new asset is expected to be accretive upon the proposed acquisition’s completion, and we will be able to further tap on management synergies in Nottingham and the UK,” says Centurion CEO Kong Chee Min (picture).
Centurion’s two existing student accommodation properties in Nottingham are enjoying “close to full occupancy” for the academic year that began last September.
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Centurion shares, as at 10.44am, traded at 35.5 cents, up 1.43% thus far today.
