SINGAPORE - Centurion Corp has entered into an agreement with College Square for the purchase of a student accommodation facility in the United States, it said in a statement to the Singapore Exchange on Thursday (Aug 10).
Centurion said it intends to pay about US$70 million (S$95.3 million) for a 30 per cent stake in the asset - a 160-unit newly built accommodation facility with 204 beds at 200 College Street, New Haven, Connecticut.
Centurion said it intends to procure third parties to acquire the remaining interests in the Yale asset.
It also plans to enter into a joint venture with a local partner, which is an established student accommodation manager in the US to manage the building.
The Yale asset currently enjoys a "high occupancy rate", with the units occupied by students as well as resident doctors, professors and researchers, said Centurion.
It is located within the core Yale District in downtown New Haven and is walkable to the most desirable local shopping, entertainment and dining areas, as well as the New Haven Metro-North train station and major employers, the company said.
The deal is expected to be completed on or around the end of September.