Dorm operator Centurion Corp makes first acquisitions in Britain

SINGAPORE - Listed dormitory operator Centurion Corporation announced on Wednesday its maiden foray into Britain, with the proposed acquisition of three student accommodation assets in Manchester and another in Liverpool.

The £77 million (S$164.5 million) investment will be Centurion's largest acquisition to date.

The dormitories, which have a total of 1,906 beds, are in the established education precincts of the two cities, the company said.

The Manchester properties are Manchester Student Village, Manchester Student Village South and The Grafton in Manchester, all near the University of Manchester and Manchester Metropolitan University.

The Liverpool property is Cathedral Campus, which is near Liverpool John Moores University and the Liverpool Institute of Performing Arts.

The Manchester properties are freehold while the Liverpool property has 243 years left on its lease. The acquisitions are expected to be completed in September.

"All assets are fully operational and have a strong track record of achieving high occupancy rates over the last three years," the company said.