Summary:
- Centurion Corporation will acquire six parcels of land in Adelaide’s city centre for approximately S$22.3 million to develop a mixed-use accommodation project, including purpose-built student housing, subject to planning approvals.
- The 3,300 sq m site links key retail, cultural, and education precincts, enhancing Centurion’s strategic expansion of its Australian accommodation portfolio without materially affecting its FY2026 financials.
- The acquisition is structured through a joint venture, 200 North Terrace Pty, where Centurion holds a 50% indirect stake, funding its S$11.2 million share from internal resources, with completion expected by December 2024 or March 2027 at the latest.
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