The consideration was arrived at on a “willing-buyer, willing-seller” basis after arm’s length negotiations and factored in, among others, the development’s net asset value (NAV) of A$17.7 million as at Oct 31. The development was independently valued at A$34.65 million as at Nov 19.
Centurion Corporation has, through its wholly-owned subsidiary, Centurion Overseas Investments (II), acquired a 25% stake in Stirling Highway Development, a purpose-built student accommodation (PBSA) development in Perth, for A$6 million ($5.1 million).
A subscription and shareholder agreement was signed with Stirling Highway Development and Centurion Properties Australia Investments on Nov 28 and is expected to be completed within 14 days.
