Just one week after Centurion Corp announced the acquisition of a miner's accommodation, it has announced a second similar acquisition.
On April 27, Centurion announced it is spending A$28.55 million, or $26 million to buy an asset in South Hedland, Western Australia.
Just on April 20, the company announced the A$44.5 million acquisition of a facility in Karratha.
This property Concorde South, is also in Western Australia, a region known for its extensive resources such as iron.
The property takes up a 5,378 sqm freehold site and comprises 77 apartments across six storeys, consisting of 35 one-bedroom, 36 two-bedroom and six three-bedroom apartments.
The acquisition is set to be earnings accretive upon completion.
See also: 863-unit Tengah Garden Residences sells 99% of units at $2,120 psf average on launch weekend
Centurion CEO Kong Chee Min says these two back-to-back deals is a mark of the company's conviction in the long-term fundamentals of this sector.
“We are moving with intent to scale this new segment, alongside our established worker and student accommodation businesses.
"With its income-generating profile and accretive contribution upon completion, Concorde South demonstrates our ability to deploy capital into assets that deepen our specialised living sector footprint. We will continue to pursue further opportunities in this segment," he adds.
Centurion Corp shares closed at $1.65 on April 24, up 20.44% year to date.
