Centurion to acquire Nottingham student accommodation property

Pound sterling coin. Photo by Brett Jordan on UnsplashPound sterling coin. Photo by Brett Jordan on Unsplash

Centurion Corp. has entered a deal to acquire a 103-bed student accommodation property in Nottingham, U.K. for GBP10.45 million, or around S$17.95 million, the accommodation player said in a filing to SGX Thursday.

The property, built in 2018, is currently operating as The Orbital, and will be rebranded as dwell Orbital, to be managed with the other two dwell brand student accommodation assets in Nottingham, Centurion said.

The Orbital is located near Nottingham Trent University and University of Nottingham, the filing said, adding Nottingham is a strong purpose-built student accommodation (PBSA) market. The Nottingham City Council estimated a shortfall of 2,000 PBSA beds there even after all the current pipeline beds are completed, the filing said.

The property is expected to be accretive upon the deal’s completion, providing an additional source of rental income, Centurion said.

The deal will boost Centurion’s purpose-built student accommodation (PBSA) portfolio in the U.K. to 2,910 beds in 11 assets across five cities: Manchester, Liverpool, Bristol, Newcastle and Nottingham, the filing said.

The seller of the property is Imap Properties, which is owned by six individuals, the filing said. Imap Properties is mainly involved in developing and building projects, the filing said.