Centurion acquires College & Crown for $95m
It will join Centurion's growing US portfolio worth $281m.
Centurion Corporation Limited (Centurion) is acquiring the 160-unit student accommodation College & Crown, near Yale University, for $95m.
The accommodation, which has 204 beds, will add to the proposed acquisition of Centurion's portfolio of 1,936 beds worth $185m.
The company is expected to own a combined portfolio of six student accommodations in the US with around 2,140 beds at a total purchase consideration of $281m. Centurion intends to own 30% of the asset at most.
College & Crown is located in New Haven, Connecticut, within walking distance to Ivy League member Yale University.
The two-year old accommodation is also close to retail and entertainment areas and New Haven's Metro-North station and major employers. It also connects New Haven CBD and the university to public and private Yale medical facilities.
The proposed acquisition is expected to complete by the end of September 2017 and affect company earnings in Q4 this year.
Centurion also plans to enter a joint venture with US student accommodation manager dwell to co-manage College & Crown. Upon completion, it will become Centurion’s flagship asset in the US.
The company will have a total of 5,172 beds in its 16 student accommodation assets in the US, the UK, Australia, and Singapore.
Centurion chief executive officer Kong Chee Min said, “The proposed acquisition of College & Crown will further boost our expansion plans in the US. Situated at a prime location and a stone’s throw away from Yale University, this asset attracts not only undergraduate and graduate students but also resident doctors, professors and researchers.”
Photo from College & Crown website