Centurion's Reit IPO May Launch as Early as Sept

If all goes well, Centurion Corp may launch the initial public offering (IPO) of its new real estate investment trust (Reit) as soon as September, said chief executive officer Kong Chee Min.

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At the group's results briefing on Aug 8, Mr Kong said the upcoming IPO was at a "very advanced stage", though the group has yet to receive its eligibility-to-list letter from the Singapore Exchange.

He added that Centurion was "quite committed" to the trust, named Centurion Accommodation Reit, and will have "quite a high stake" in it. The group had previously said in the Reit's announcement in July that it will hold around a 45 per cent stake in the trust initially, before lowering its interest to 35 to 40 per cent.

That is not to say Centurion will be divesting more assets; instead, the aim is to expand its portfolio and assets under management, noted Mr Kong.