Centurion to begin sale process of US asset portfolio

MAINBOARD-LISTED Centurion Corporation : OU8 0% will begin the process of selling its portfolio of US assets, the company said on Friday (Apr 22). 

In a bourse filing, the property management company said that the decision to sell its US asset portfolio within the Centurion US Student Housing Fund was made following a strategic review of its accommodation portfolio. Centurion expects the move to enhance shareholder value as part of an ongoing drive to rationalise its portfolio of assets. 

Centurion holds 28.7 per cent of the total units in issue in the US fund, which is managed by Centurion Student Investment Management, while Centurion Student Accommodation Trustee is the Trustee of the US fund. Both are indirect wholly-owned subsidiaries of the company. 

The company said that CBRE has been appointed as the real estate consultant, and Credit Suisse (Singapore) has been appointed as financial advisor for the sale. 

Furthermore, it said that no definitive agreement has been entered into regarding the proposed sale of the assets and the company cannot confirm if a deal will eventually be made. 

Shares of Centurion closed up 1.4 per cent or S$0.005 at S$0.375 on Friday, before the announcement was made.