Centurion selling South Korea property for 21.3 billion won

PROPERTY player Centurion Corporation : OU8 0% is disposing of a property in Seoul, South Korea, for a consideration of 21.3 billion won (S$21.5 million).

The disposal is being carried out as part of a rationalisation of Centurion’s asset portfolio, it said on Monday (Apr 10). It added that it intends to “align and focus” its asset portfolio, on countries where it believes it can “expand and scale up its operations”.

The property, located at 188-5 Hoegi-ro, Dongdaemun-gu, is owned by the group’s joint venture, IGIS Centurion No 238 Professional Investors Private Real Estate Investment (REF).

Centurion’s wholly-owned subsidiary, Centurion Overseas Investments (COI), holds a 55 per cent stake in REF and a 55 per cent stake in CSL Student Living Benikea. These represent the group’s asset holdings in South Korea.

REF entered into a sale and purchase agreement with Ganghwa County of Incheon Metropolitan City on Monday for the deal.

Based on Centurion’s audited financial statements as at Dec 31, 2022, the fair value of the property is 21.4 billion won.

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Centurion expects the disposal to be completed on Apr 13. It does not anticipate that the disposal will have any material impact on its consolidated net tangible assets or earnings per share for the financial year ending on Dec 31, 2023.

Shares of Centurion closed at S$0.365 on Monday, up 2.8 per cent, before the announcement.