IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Centurion Accommodation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> is the exclusive S-REIT vehicle sponsored by <a href="https://www.smartkarma.com/entities/centurion-corp-ltd" target="_blank" data-smartkarma-citation="entities:5186:1" rel="noopener">Centurion Corp (CENT SP)</a>. It is seeking to raise up to US$600 million in an SGX IPO. </li>
<li>The Initial Portfolio will comprise 14 assets, with five PBWA assets located in Singapore, eight PBSA assets located in the United Kingdom, and one PBSA asset located in Australia.</li>
<li>Centurion Accommodation REIT offers an attractive value proposition due to its structural demand drivers, diversified portfolio, high occupancy rates, growth opportunities, and sizable debt headroom.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) is the exclusive S-REIT vehicle sponsored by Centurion Corp (CENT SP). It is seeking to raise up to US$600 million in an SGX IPO. 
The Initial Portfolio will comprise 14 assets, with five PBWA assets located in Singapore, eight PBSA assets located in the United Kingdom, and one PBSA asset located in Australia.
Centurion Accommodation REIT offers an attractive value proposition due to its structural demand drivers, diversified portfolio, high occupancy rates, growth opportunities, and sizable debt headroom.


Centurion Accommodation REIT IPO: The Investment Case

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>GLP aims to bounce back from a $1.8B loss by selling its international funds business.</li><li>BlackRock, Centurion, Coliwoo, and Arch are exploring residential opportunities at the Singapore Forum.</li><li>The goal is to create a mutually beneficial situation for investors and occupiers through these discussions.</li></ul>

GLP aims to bounce back from a $1.8B loss by selling its international funds business.BlackRock, Centurion, Coliwoo, and Arch are exploring residential opportunities at the Singapore Forum.The goal is to create a mutually beneficial situation for investors and occupiers through these discussions.

Asia Real Estate Tracker (09-May-2025): GLP to right ship post $1.8B loss.

<ul><li>Hong Kong has halted land sales in order to boost the office market within the region.</li><li>Singapore's Centurion saw their profits more than double to $257M, driven by soaring property valuations.</li><li>Alibaba announces plans to invest a substantial $53 billion in AI infrastructure development.</li></ul>

Hong Kong has halted land sales in order to boost the office market within the region.Singapore's Centurion saw their profits more than double to $257M, driven by soaring property valuations.Alibaba announces plans to invest a substantial $53 billion in AI infrastructure development.

Asia Real Estate Tracker (28-Feb-2025): HK halts commercial land sales to cure office slump.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB Development (SLB SP)</a> disclosed a scheme privatisation from <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a> at S$0.23 per share, a 36.1% premium to the undisturbed price of S$0.169 (22 January).</li>
<li>The Ong family previously privatised Lian Beng, the parent company. The offer price, which is equal to the IPO price, is attractive compared to peer multiples and historical trading ranges.</li>
<li>The scheme vote is low-risk, as no disinterested shareholder holds a blocking stake, and the offer is attractive. Expect a scheme meeting in April.  </li>
</ul>



SLB Development (SLB SP) disclosed a scheme privatisation from Lian Beng (LBG SP) at S$0.23 per share, a 36.1% premium to the undisturbed price of S$0.169 (22 January).
The Ong family previously privatised Lian Beng, the parent company. The offer price, which is equal to the IPO price, is attractive compared to peer multiples and historical trading ranges.
The scheme vote is low-risk, as no disinterested shareholder holds a blocking stake, and the offer is attractive. Expect a scheme meeting in April.  


SLB Development (SLB SP): Ong Family’s S$0.23 Scheme Offer

<ul><li>Centurion is considering an REIT IPO amidst a rebound in Singapore property trusts, indicating positive market sentiment.</li><li>Microsoft plans to make a significant investment of $3 billion in India's digital infrastructure, the largest commitment in Asia.</li><li>Hong Kong is testing the market by announcing a land tender following the successful sale of an MTR plot, signaling confidence in the property sector.</li></ul>

Centurion is considering an REIT IPO amidst a rebound in Singapore property trusts, indicating positive market sentiment.Microsoft plans to make a significant investment of $3 billion in India's digital infrastructure, the largest commitment in Asia.Hong Kong is testing the market by announcing a land tender following the successful sale of an MTR plot, signaling confidence in the property sector.

Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.

Singapore

Centurion Corporation Limited is a Singapore-based investment holding company that owns, develops, and manages specialized accommodation assets globally. It provides purpose-built worker accommodation under the "Westlite Accommodation" brand and purpose-built student accommodation under the "Dwell" and "EPIISOD" brands, alongside an optical storage media manufacturing business. The company was established in 1981 and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Centurion (CENT SP)

Centurion Accommodation REIT IPO: The Investment Case

Centurion Accommodation REIT is seeking to raise up to US$600 million in an SGX IPO. In this note, I discuss the investment thesis.

Arun George

Asia Real Estate Tracker (09-May-2025): GLP to right ship post $1.8B loss.

GLP aims to recover from $1.8B loss by selling international funds business, while BlackRock, Centurion, Coliwoo, and Arch discuss residential...

Asia Real Estate Tracker

Asia Real Estate Tracker (28-Feb-2025): HK halts commercial land sales to cure office slump.

Hong Kong stops land sales, Centurion profits double in Singapore, Alibaba to invest $53B in AI, Hotel Indigo Auckland for sale.

Asia Real Estate Tracker

SLB Development (SLB SP): Ong Family’s S$0.23 Scheme Offer

The offer price, which is equal to the IPO price, is attractive compared to peer multiples and historical trading ranges. This is a done deal.

Arun George

Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.

Centurion is considering an REIT IPO amidst a rebound in Singapore property trusts, indicating positive market sentiment.

Asia Real Estate Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)