Centurion Accommodation Trust completes acquisition of Australian student accommodation project PIISOD with a total of 732 beds | Lianhe Zaobao

Centurion Accommodation REIT announced on Tuesday (January 13) that it has successfully acquired a high-end purpose-built student accommodation (PBSA) project "EPIISOD" in Sydney, Australia through a Forward Purchase Agreement, incorporating this project into its trust asset portfolio. The project was originally launched by the trust's sponsor, Centurion Corporation, located in Macquarie Park, Sydney, with a total area of 17,163 square meters, close to Macquarie University and public transport hubs. The project comprises 732 beds and features amenities such as a swimming pool, yoga area, dedicated study area, communal space, and sauna, and has already obtained a Certificate of Completion. Centurion Accommodation REIT is set to be listed on the Singapore Exchange on September 25, 2025, and this acquisition marks its first investment in a student dormitory project in Australia since its listing. The announcement stated that the trust has signed a master lease agreement with the main tenant Centurion Properties and the sponsor, effective until December 31, 2027, which includes a security deposit equivalent to two months' rent, step-in rights, and corporate guarantees provided by Centurion Properties and the sponsor. The total cost of the acquisition is approximately AUD 345 million (about SGD 280.1 million), fully funded by committed financing. The trust indicated that after the acquisition, the debt-to-asset ratio and debt headroom will remain at a healthy level, allowing it to continue advancing its Asset Enhancement Initiative within the existing asset portfolio and seize new acquisition opportunities. Subsequently, Centurion Accommodation REIT's investment portfolio will expand to 15 projects, including five purpose-built worker accommodation (PBWA) and 10 purpose-built student accommodation, spread across Singapore, the UK, and Australia, with a total estimated value of up to SGD 2.1 billion. The president of the trust management company, Yuan Qixin, stated: "The acquisition of EPIISOD is an important milestone in the trust's construction of a high-quality diversified accommodation portfolio... With this as a cornerstone, we will continue to focus on performance-driven results to create sustainable value for unitholders." Centurion Accommodation REIT's stock price closed at SGD 1.14 on Tuesday, down 0.87%; Centurion Corporation's stock price rose 0.74% to SGD 1.37