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Stocks to watch: Centurion, mm2 Asia, Manulife US Reit
THE following companies saw new developments that may affect trading of their shares on Thursday:
Centurion Corporation: Centurion announced on Thursday plans to acquire College & Crown, a 160-unit student accommodation asset with 204 beds near Yale University in the US, for US$70 million (S$95 million). This brings its total US portfolio to six accommodations with 2,140 beds, which it plans to own up to 30 per cent, with the balance interest to be held by third-party investors.
mm2 Asia Ltd: The company said Thursday that it is still in discussions with Village Cinemas Australia "on possible options to proceed with" the purchase of a 50 per cent interest in Golden Village cinema business in Singapore. It has received a full refund of the S$8 million deposit back from Village Cinemas Australia after the agreement to acquire the half-stake in Dartina Development that holds the Golden Village cinema business in Singapore lapsed.
Manulife US Real Estate Investment Trust (Reit): The Reit posted on Tuesday better-than-expected results for the second quarter and announced a US$51.6 million mortgage facility for its new office property in New Jersey. But the Reit manager also guided for slower rental growth in the US office market. Distribution per unit (DPU) for the three months ended June 30 was 1.58 US cents, surpassing its projection by 7.5 per cent. Net property income was US$12.79 million, beating its own forecast by 3.7 per cent.