Centurion Corp on Monday announced its foray into the United States with a proposed acquisition of five student accommodation assets for S$187 million.
Centurion, which owns and operates workers and student accommodation assets, intends to have an interest of up to 30 percent in five student accommodation assets.
The company is in discussion with various third party investors, which will own the remaining interest, it said in a statement.
The proposed acquisition is expected to be completed on or about end September and will be earnings accretive to the group's earnings from the fourth quarter of 2017.
"The proposed acquisition of five fully operational student accommodation assets across four U.S. states will immediately expand our business geographically and increase the earnings contribution from this resilient sector," Centurion's CEO Kong Chee Min said in a statement.
Shares in the company rose 2 percent to S$0.52 at 0450 GMT on the Singapore Exchange.
