Centurion to spin off some properties into Reit for listing on SGX mainboard

It prices IPO at 88 cents; DBS among 16 cornerstone investors

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Student and workers' accommodation provider Centurion Corp will spin off several choice properties into a real estate investment trust (Reit) to be listed on the Singapore Exchange mainboard.

It will be the second Reit listing on the local exchange in 2025 when it goes public on Sept 25, according to Bloomberg.

Japan's NTT DC Reit, which holds data centres in its portfolio, listed in Singapore in July. It was the largest initial public offering (IPO) here in four years.

Centurion will offer a total of 262.2 million units—comprising an international placement tranche of 248.96 million units and a public offering of 13.2 million units—at 88 cents a unit, according to its preliminary prospectus lodged on Sept 11.

The IPO aims to raise gross proceeds of approximately $1.5 billion.

The initial Reit portfolio will hold 14 Centurion properties worth $1.8 billion, comprising five purpose-built worker accommodation assets in Singapore, eight purpose-built student accommodation assets in Britain and one in Australia.

Another student accommodation property will be added to the portfolio once its acquisition is completed, bringing the portfolio's value to around $2.1 billion.