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Centurion plans to buy US student housing assets for US$136m

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The portfolio will comprise 1,936 beds in Auburn, Alabama; Tallahassee, Florida; Madison, Wisconsin; and College Station, Texas. Centurion, an owner of worker and student dormitories, currently counts 3,488 beds in its existing portfolio in the UK, Australia and Singapore.

CENTURION Corp is entering the US market with plans to take up to 30 per cent of a portfolio of student housing assets that are being sold for a combined US$136 million.

Centurion said it is in talks with third parties to take up the remaining interest in the portfolio.

The portfolio will comprise 1,936 beds in Auburn, Alabama; Tallahassee, Florida; Madison, Wisconsin; and College Station, Texas. Centurion, an owner of worker and student dormitories, currently counts 3,488 beds in its existing portfolio in the UK, Australia and Singapore.

Assuming that Centurion holds a 30 per cent stake in the US assets, the book value and net tangible asset attributable to that interest is about US$40.8 million, while profit before tax, extraordinary items and minority interests for the three months ended March 2017 will be US$767,000.

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