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