Centurion’s planned Reit will do the ‘heavy lifting’ of its assets, says CEO

PURPOSE-BUILT accommodation operator Centurion Corporation said on Thursday (Feb 27) that the proposed real estate investment trust (Reit) comprising some of its worker and student accommodation assets will do “the heavy lifting” as the group focuses on becoming asset-light.

Chief executive Kong Chee Min said that the group has been aiming to grow its assets under management for some time, but does not need to hold on to the properties.

“The Reit will be able to take the heavy lifting of our assets,” he said. “We have a quite heavy asset base, so this is something the Reit vehicle will help us with.

“And because of that, we will be able to grow our premium even bigger.”

While he did not divulge details on the Reit’s make-up, he noted that it will be of a “reasonable size”, and feature mainly “stabilised assets”.