Summary:

• Centurion Accommodation REIT (CAREIT) is positioned as the first pure-play purpose-built living S-REIT, holding a S$2.1 billion enlarged portfolio of 15 PBWA/PBSA assets with 27,602 beds across Singapore, the UK and Australia, at appraised values mostly on freehold or >30-year tenures​

• The Singapore PBWA segment (Westlite-branded worker dorms) anchors the portfolio with 73–80% of projected PY2026 net property income, underpinned by very tight sector dynamics: high foreign worker dependence, limited land, regulatory-driven bed withdrawals and projected construction demand of S$39–46 billion annually from 2026–2029​

• UK and Australian PBSA (dwell/Epiisod-branded student housing) provide geographic diversification and structural growth exposure, with chronic PBSA under-supply; UK and Australia face large and rising “beds deficits,” high expected occupancies (typically >92–97%) and projected rental CAGRs of about 3.9% and 5.0% respectively through the end of the decade​

• Operationally, CAREIT reports very high historical occupancy and stickiness — average FY2022–FY2024 occupancy of about 97.9% for PBWA and 94.1% for PBSA, retention rates above 60% for several PBWA assets and double‑digit rent CAGRs — supported by active asset management, early pre‑leasing, dynamic pricing and proprietary digital platforms (MyMA and dwell apps)​

• Growth is driven by a visible pipeline: expanded capacity at Westlite Mandai and Toh Guan (Mandai’s additional 1,980 beds approved to 2030, Toh Guan’s retained 664 beds to 2028, plus thousands of new “Relevant Works” beds) and the forward purchase of Epiisod Macquarie Park in Sydney, which comes with a master lease to 31 December 2027 backed by a corporate guarantee​

• On current projections, net property income is expected to rise from S$137.8 million in PY2026 to S$145.5 million in PY2027 for the initial portfolio, and to S$169.4 million when incorporating Mandai’s expanded capacity, translating into distributable income of S$114.8–133.5 million and an implied distribution yield in the mid-7% to high-8% range based on the S$0.88 IPO price​

• Capital management remains conservative: post–Epiisod Macquarie Park aggregate leverage is projected at around 31% with more than half the debt hedged, average interest cost just above 4%, interest cover ratios above 4.5x–7x and substantial debt headroom of S$550–840 million at 45–50% gearing to fund further growth​

• Post‑IPO, CAREIT has secured industry recognition (IFR Asia’s Singapore Capital Markets Deal of the Year 2025) and index inclusion (SGX iEdge Singapore Next 50 and Solactive GPR APREA composites), alongside a growing analyst following and a sustainability push highlighted by Westlite Woodlands’ Level 2 EDGE Advanced (Zero Carbon Ready) green certification​

• The REIT is sponsored by Centurion Corporation Limited, a specialist accommodation owner-operator with about S$2.7 billion of assets under management and some 79,500 beds/apartments across 42 properties in six countries, giving CAREIT a pipeline and operating platform that management argues will support long-term growth in distributions​