The company first announced that it would be exploring a spin-off listing on Jan 7.
The offering comprises an international placement tranche of 248.96 million units and a public offering of 13.2 million units.
The REIT’s 16 cornerstone investors, FIL Investment Management (Hong Kong) Limited, abrdn Asia Limited, Amova Asset Management Asia Limited, Asdew Acquisitions Pte Ltd, B&I Capital Pte. Ltd., Barings Singapore Pte. Ltd., Cohen & Steers Asia Limited, DBS Bank Limited, DBS (on behalf of “certain wealth management clients”), DWS Investments Australia Limited, Eastspring Investments (Singapore) Limited, Lion Global Investors Limited, Lian Beng Group's chairman Ong Pang Aik, Principal Global Investors (Singapore) Limited, UBS AG (acting on behalf of certain of its wealth management customers) and Value Partners Hong Kong Limited, have entered into separate cornerstone subscription agreements to subscribe for a total of 614.0 million units at the offering price.
Centurion Capital Investments has also entered into a subscription agreement with the REIT manager to subscribe for 414.37 million units.
See also: Rare SGX unicorn IPO UltraGreen.ai eyes eventual Nasdaq listing too
In the prospectus, the REIT has projected distribution per unit (DPU) yields of 7.47% and 8.11% for 2026 and 2027, respectively, based on the offering price and on the enlarged portfolio of 15 assets. The REIT’s IPO portfolio will include 14 assets comprising five purpose-built worker accommodation (PBWA) assets in Singapore, eight purpose-built student accommodation (PBSA) assets in the UK and one PBSA asset in Australia. The REIT's acquisition of Epiisod Macquarie Park, located in Sydney, will only take place after the REIT's listing date. Epiisod Macquarie Park will be move-in ready in February 2026.
The REIT will have a leverage ratio of about 20.9% at its IPO. The leverage ratio will be at about 31% after its fully debt-funded acquisition of Epiisod Macquarie Park.
Shares in Centurion last traded at $1.76.
See also: Indonesia mulls 20% free float for IPO of market cap below US$301m
Read more about Centurion Accommodation REIT:
- Centurion Accommodation REIT to list on Sept 25 (update)
- PhillipCapital maintains $2.01 target price on Centurion Corp with REIT poised for spin-off
- Can Centurion’s REIT spin-off mark a new growth chapter?
- Shareholders of Centurion vote overwhelmingly in favour of REIT listing
- RHB increases Centurion’s target price to $2.01 ahead of REIT listing
- Centurion’s next Epiisod with Sydney in lead role
- Centurion Corp launches new premium student housing brand and property in Sydney’s Macquarie Park
- Centurion announces new REIT’s name; announces entry into letter agreements for REIT listing
- Application to list properties via REIT submitted to SGX and MAS, says Centurion
- Centurion Corp to explore REIT listing
