Centurion Accommodation Reit launches IPO, aims to raise $77lm

Centurion Accommodation Reit will launch its initial public offering (IPO) at 10pm on Sept 18, marking the second-largest listing on the Singapore Exchange (SGX) in 2025 so far.

- Tay Hong Yi Correspondent

The real estate investment trust (Reit) is offering 262.2 million units priced at 88 cents each, of which 13.2 million units will be available to the public. The offer will close on Sept 23. There will also be an international placement of around 249 million units.

Over 614 million more units will be taken up by 16 cornerstone investors, which include DBS Bank, Amova Asset Management and abrdn Asia.

The Reit is sponsored by main-board-listed accommodation provider Centurion Corp, which will subscribe to more than 414 million units, while another over 428 million units will be disbursed as consideration units for certain transactions.

It is aiming to raise around $771 million from the IPO, and is expected to have a market capitalisa-tion of more than $1.5 billion upon listing.

The Reit, the second to list in 2025 since NTT DC Reit went public in July, will begin trading on the SGX mainboard from 2pm on Sept 25.

It will hold an initial portfolio of 14 properties valued at $1.8 billion.