Centurion: Announced that it has been awarded a bid to acquire 85% equity interest in Dormitory Investments, an investment holding Co. that owns an 8600-bed workers’ dormitory at Tuas, and also has full ownership of three subsidiaries that provide ancillary services associated with the operations of the Tuas Dormitory.
Terms and conditions of the acquisition will be set out in a sale and purchase agreement to be entered into between the 2 grps (Details not out yet). The purchase consideration will be partly funded internally and by debt.
Centurion expects the Grp to see immediate yield accretion to its existing portfolio given Tuas Dormitory’s sound operating fundamentals, strong cash flow and substantial bed capacity and will enable grp to gain a strong foothold in the growing workers accommodation industry in SG and the region.
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