Centurion buys 25% stake in Perth student accommodation project for A$6 million

[SINGAPORE] Centurion Corporation has expanded its Australian footprint into Perth, Western Australia, acquiring a 25 per cent equity interest in a 472-bed purpose-built student accommodation (PBSA) development for A$6 million (S$5.1 million).

The accommodation asset manager announced on Monday (Dec 1) that its indirect wholly owned subsidiary, Centurion Overseas Investments (II), entered into an agreement for the stake in Stirling Highway Development by subscribing for six million shares. The acquisition was funded through internal resources.

The remaining 75 per cent interest is held by Centurion Properties Australia Investments, a wholly owned subsidiary of Centurion’s controlling shareholders.

The development serves as Centurion’s entry into its fourth Australian city. It also has a presence in Melbourne, Adelaide and Sydney.

The project site is located at 37-43 Stirling Highway in Nedlands, near the University of Western Australia’s Crawley campus. It is also near the Queen Elizabeth II Medical Centre.

The site has obtained development approval for a 472-bed facility across 440 units. Construction is targeted for completion by December 2027.

Centurion chief executive officer Kong Chee Min said the investment aligns with the group’s strategy to deepen and scale its Australian PBSA portfolio.

“Its location within a well-established university precinct positions the project to capture resilient demand,” Kong said. “As part of our growing pipeline, it is expected to contribute to sustainable growth, operational scale and long-term value creation for the group.”

The company noted that this investment is part of a broader capital recycling strategy following the spin-off and listing of Centurion Accommodation Reit, allowing capital to be redeployed into new development opportunities.

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The transaction is not expected to have a material impact on Centurion’s consolidated net tangible assets or earnings per share for the financial year ending Dec 31, 2025.