Centurion Accommodation REIT (CAREIT) has completed the acquisition of EPIISOD Macquarie Park in Sydney, Australia for A$345 million ($280.1 million).
The acquisition was fully financed through committed debt facilities, and represents CAREIT’s first purpose-built student accommodation (PBSA) asset investment in Sydney and entry into a second Australian city.
EPIISOD Macquarie Park will be operated under the EPIISOD brand, a new premium student accommodation brand pioneered by Centurion Corporation to deliver a “more elevated, design-led, and experience-driven approach” to student living.
The build will feature tech-enabled features such as smart entry and a resident app, and the newly developed asset will offer modern living spaces such as a rooftop pool, terrace lounge, dining area, wellness centre, among others.
CAREIT has entered into a master lease with EPIISOD Macquarie Park Master Tenant, Centurion Properties, which will be in place until Dec 31, 2027.
Following the acquisition of EPIISOD Macquarie Park, CAREIT’s portfolio will comprise 15 assets, including five purpose-built worker accommodation and 10 PBSA, across Singapore, United Kingdom and Australia, with an aggregate portfolio valuation of $2.1 billion.
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Units in CAREIT closed 1 cent lower or 0.87% down at $1.14 on Jan 13.
