SINGAPORE (Dec 4): Centurion Corp, an operator of dorms for students and workers, is making its debut in the US. On Nov 28, the company announced that it had closed its inaugural private fund, the Centurion US Student Housing Fund, with an aggregate committed capital of US$89.5 million ($120.8 million).
The money has been used to acquire six purpose-built student accommodation (PBSA) assets across five US states: Connecticut, Florida, Alabama, Texas and Wisconsin. Centurion had first announced the planned acquisition of five assets for US$136 million on July 24 — two in Wisconsin and one each in Texas, Florida and Alabama. On Aug 10, it announced plans to acquire a 160-unit student accommodation asset near Yale University (in Connecticut) for US$70 million.
These six assets have a total of 2,140 beds. They will come under Centurion’s student accommodation brand, dwell, and be managed by dwell US Student Living, a joint venture (JV) between Centurion and a student accommodation manager in the US. Centurion already has 10 student accommodation assets in the UK, Australia and Singapore, nine of which are dwell properties. The acquisitions are expected to be completed by the end of this year, and will be accretive immediately.