Centurion

Centurion: ($0.71) Marks foray into UK student accomodation Proposed to acquire four student accommodation assets in Manchester and Liverpool for £77m ($164.5m), marking Centurion's maiden foray into the UK market. The four properties comprises over 1,900 beds, are fully operational and boasts a strong track record of achieving high occupancy rates over the last three years. Centurion intends to ride on the robust UK student market, underpinned by the strong demand for accommodation. According to independent research firm Jones Lang LaSalle, International applicants to higher education institutions in the UK increased by 7% between 2013 and 2014. The accretive acquisition is expected to be complete in Sep. Post completion, proforma FY13 and 1Q14 EPS is expected to improve 11% to 13.52¢ and 3.32¢ respectively. At the current price, Centurion trades at a forward P/E of 15.3x and 1.7x P/B.