News

Commercial Property

Staff Reporter

, Singapore

Published:

1 year ago

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Centurion secures 25% stake in Australia student housing project

It acquired the stake for $2.19m.

Centurion, through its indirect wholly-owned subsidiary, Centurion Overseas Investments (II) (COI(II)PL), has agreed to subscribe for 2.5 million shares of Lachlan Avenue Development (LAD) for $2.19m (A$2.50m).

COI(II)PL now holds a 25% stake in LAD, whilst the remaining 75% is owned by Centurion Properties Australia Investments Pty Ltd (CPAI), a wholly-owned subsidiary of Centurion's controlling shareholders.

With the acquisition, COI(II)PL will also hold a 25% stake in LAD's new student accommodation development project in Australia.

The project, a 732-bed purpose-built student accommodation, will be built at 17-21 Lachlan Avenue and 163 Herring Road in Macquarie Park, NSW, Australia.

Construction work has already commenced and is expected to be completed by December 2025.

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