Centurion Corporation, the Singaporean listed accommodation provider, has announced the launch of its second student housing private fund targeting Purpose Built Student Accommodation (PBSA) in the UK and Europe.
The second fund - Centurion Student Accommodation Fund - is part of the group’s asset-light strategy to expand its asset and management services offering. It follows the successful closure of the group’s first $89 mln (€79 mln) US-focused private fund in November 2017.
The group recently completed its acquisition of Castle Gate Haus in the UK city of Nottingham and currently owns 10 assets spanning five cities with 2,675 beds in the country.
Kong Chee Min, CEO of Centurion Corporation, commented: 'The second Centurion Student Accommodation Fund builds on earlier momentum to generate sustainable and steady returns to our investors and shareholders following the success of our first US-focused private fund. The second fund will focus on acquiring and managing purpose-built student accommodations globally in established education hubs such as the UK and Europe, excluding the United States. We are hopeful of another successful fund following the success of our first fund.'
James Pullan, global head of student property at Knight Frank, added: 'PBSA has undoubtedly matured into a mainstream asset class, recognised around the world as a high yielding and secure income stream. In a time of great political uncertainty, UK student accommodation, underpinned by one of the best education systems in the world, is standing out as an attractive investment proposition. The sector is attracting more global equity, from a diverse investor base, than ever before.'