CAREIT deploys $1.92b proceeds for portfolio acquisition

$1.79b was applied to assets as loan drawdowns reach $404.8m

Centurion Accommodation REIT (CAREIT) reported total cash proceeds of approximately $1.92b from its offering and loan drawdowns, with the majority applied towards portfolio acquisition, according to its use of proceeds announcement dated 20 January 2026.

The REIT raised gross proceeds of approximately $1.51b from the offering, cornerstone units, sponsor subscription units and consideration units, and drew down approximately $404.8m from its loan facilities, the manager said.

According to the announcement, approximately $1.79b was applied towards the acquisition of the Initial Portfolio, inclusive of an additional refund and payment of a retention sum. The manager said approximately $71.0m was used for transaction costs, including additional transaction cost utilisation, and approximately $46.4m was applied towards working capital.

The manager said it received approximately $1.1m from the vendor arising from post-completion adjustments. It also utilised approximately $21.3m towards payment of the retention sum following the receipt of a temporary occupation permit in respect of Westlite Mandai.

CAREIT also applied approximately $3.8m towards additional transaction costs, according to the announcement. The manager said the final allocation reflects post-completion adjustments following settlement.

The manager said the application of proceeds was carried out in accordance with the stated use and allocation set out in the prospectus.

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