Centurion Corporation has acquired a Johor-based dormitory operator for a total consideration of RM110.8 million, or $33.2 million.
The operator, Harum Megah Resources, is incorporated in Malaysia, and owns and operates a portfolio of six purpose-built worker accommodation (PBWA) across Johor with a total capacity of about 7,197 beds.
These PBWAs are located in mature industrial estates, with the six assets benefitting from strong migrant workforce catchment, supported by healthy occupancies and an established customer base, and will be immediately accretive to the group’s earnings, Centurion says.
Following the acquisition, Centurion’s Malaysian portfolio will expand to about 35,610 beds, a 25% increase in total bed capacity.
Centurion says that the acquisition is funded by the internal resources of CDSB, the wholly-owned subsidiary of the group.
Shares in Centurion closed flat at $1.73 on Sept 3.
