Centurion Corporation OU8 has disposed of its property at 188-5 Hoegi-ro, Dongdaemun-gu, Seoul, 02446, Korea, for a consideration of 21.25 billion won ($21.4 million).
On April 10, Centurion’s joint venture, IGIS Centurion No. 238 Professional Investors Private Real Estate Investment (REF), entered into a real estate sale and purchase agreement (SPA) with Ganghwa County of Incheon Metropolitan City and Gwanghwamun Four Seasons Realtor Co., Ltd. for the sale and disposal of the property. Gwanghwamun Four Seasons Realtor Co., Ltd. is the licensed broker.
The group’s investment in the property is held by its wholly-owned subsidiary, Centurion Overseas Investments (COI). COI, in turn, holds 55% of the total units in REF and 55% of the units in CSL Student Living Benikea KP Ltd. (CSL). The units held by COI in REF and CSL represent the Group’s holding of its single asset in South Korea.
REF was established by third-party licensed asset company, IGIS Asset Management Co., Ltd., to own the property and CSL was set up to manage the property’s operations.
The property is sold on an “as-is, where-is” factual and legal basis as of the date of the SPA.
The disposal is slated to be completed on April 13. The disposal is said to be a part of a rationalisation of the group’s asset portfolio. Following the disposal, Centurion says it intends to align and focus its asset portfolio on countries that it believes it is able to expand and scale up its operations.
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Centurion’s joint chairmen, directors and controlling shareholders, Loh Kim Kang David and Han Seng Juan, have an interest in the disposal through their 40% stake held by Centurion Properties in REF.
Centurion Properties is a controlling shareholder of Centurion Corporation.
Shares in Centurion Corporation closed 1 cent higher or 2.82% up at 36.5 cents on April 10.
