The site is a 472-bed facility, across 440 units

[SINGAPORE]   Centurion Corporation   : OU8 -0.73% has expanded its Australian footprint into Perth, Western Australia, acquiring a 25 per cent equity interest in a 472-bed purpose-built student accommodation (PBSA) development for A$6 million (S$5.1 million).

 

The accommodation asset manager announced on Monday (Dec 1) that its indirect wholly-owned subsidiary, Centurion Overseas Investments (II), entered into an agreement for the stake in Stirling Highway Development Pty Ltd by subscribing for 6 million shares. The acquisition was funded through internal resources. 

 

The remaining 75 per cent interest is held by Centurion Properties Australia Investments, a wholly owned subsidiary of Centurion&rsquo s controlling shareholders.

 

The development serves as Centurion&rsquo s entry into its fourth Australian city.

 

The project site is located at 37-43 Stirling Highway in Nedlands, near the University of Western Australia&rsquo s Crawley campus. It is also near of the Queen Elizabeth II Medical Centre.

 

The site has obtained development approval for a 472-bed facility across 440 units. Construction is targeted for completion by December 2027.

 

Centurion chief executive officer Kong Chee Min said the investment aligns with the group&rsquo s strategy to deepen and scale its Australian PBSA portfolio.

 

&ldquo Its location within a well-established university precinct positions the project to capture resilient demand,&rdquo Kong said. &ldquo As part of our growing pipeline, it is expected to contribute to sustainable growth, operational scale and long-term value creation for the Group.&rdquo .

 

The company noted that this investment is part of a broader capital recycling strategy following the spin-off and listing of Centurion Accommodation Reit, allowing capital to be redeployed into new development opportunities.

 

The transaction is not expected to have a material impact on Centurion&rsquo s consolidated net tangible assets or earnings per share for the financial year ending Dec 31, 2025.