Centurion acquires second key worker accommodation asset in Western Australia for A$28.6 million

[SINGAPORE] Living-accommodation provider Centurion on Monday (Apr 27) announced that it signed an agreement to buy an operational key worker accommodation in South Hedland, Western Australia, for about A$28.6 million (S$26.1 million).

The freehold property comprises 77 apartments across six storeys. It consists of 35 one-bedroom, 36 two-bedroom and six three-bedroom apartments. It sits on a 5,378 square metre site.

This will be the second acquisition of such an asset in Western Australia of the group, following its acquisition of Velocity Village and Velocity Motel and Bistro in Karratha earlier this month.

The asset commands “recurring demand” from workers in the mining and resources sector, alongside essential services workers in government and healthcare sectors requiring quality accommodation and amenities, said the group.

It is expected to be earnings accretive upon completion of the acquisition, a statement on Monday noted.

Kong Chee Min, chief executive officer of Centurion, said: “We are moving with intent to scale this new segment, alongside our established worker and student accommodation businesses. We will continue to pursue further opportunities in this segment.”

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Centurion enters new key worker segment with A$45 million Australian buy

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Shares of Centurion closed flat at S$1.65, prior to the announcement.