Centurion Plans S$1.5 Billion Accommodation REIT IPO in Singapore, UK, Australia

Singapore-listed Centurion Corporation is launching Centurion Accommodation REIT, aiming to raise approximately S$771.1 million (around $601.3 million) through an initial public offering by listing its worker accommodation and student housing assets. The REIT will comprise 14 properties, including five worker accommodations in Singapore, eight student accommodations in the UK, and one in Australia, with a total appraised value of about S$1.8 billion, making it the first pure-play purpose-built living accommodation REIT on the Singapore Exchange. The IPO involves offering 262 million units at S$0.88 each, with cornerstone investors such as DBS Bank and Prudential's Eastspring Investments subscribing to 614 million units, reflecting strong institutional backing. Centurion’s CEO Kong Chee Min highlighted that the REIT will accelerate the group's growth and allow more sustainable capital recycling, helping expand assets under management beyond the current S$2.6 billion portfolio. Centurion’s shares surged nearly 7.4% following the REIT announcement, showing positive market reception ahead of the listing. The company received near-unanimous shareholder approval for the REIT listing and related transactions at an extraordinary general meeting, underscoring strong investor confidence in the plan.