Centurion Accommodation REIT showcases S$2.1b PBWA/PBSA portfolio and 7.5–8.0% forward yields at Citibank ASEAN Summit
Summary:
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Centurion Accommodation REIT (CAREIT) is presenting at the Citibank 2026 ASEAN Summit with an enlarged 15‑asset portfolio valued at about S$2.1 billion and 27,602 beds across Singapore PBWA and UK/Australia PBSA assets.
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The REIT guides to PY2026 net property income of roughly S$151.7 million and distributable income of S$114.8 million, implying a forward DPU of 6.64 cents and distribution yield of about 7.5% on the S$0.88 IPO price, rising towards roughly 8.1–8.7% by PY2027 with Mandai expansion upside.
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Portfolio occupancy is above 96% across both PBWA and PBSA, underpinned by tight worker and student housing markets, structural supply deficits (e.g. high Singapore foreign‑worker demand and UK/Australia PBSA bed shortfalls) and demonstrated rent CAGR in the low‑ to mid‑teens in recent years.
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CAREIT highlights prudently managed gearing of about 31% post Epiisod Macquarie Park acquisition, over 50% hedged debt, and debt headroom of roughly S$560–840 million at 45–50% gearing, supporting further acquisitions and AEI‑driven growth.
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Management emphasises visible organic growth from Mandai and Toh Guan capacity expansions, the forward‑funded Epiisod Macquarie Park PBSA with a master lease to 2027, and the support of sponsor Centurion Corporation’s S$2.7 billion living‑accommodation platform and multi‑index inclusion.