Centurion Spins Off REIT

In the early part of my analyst career, I covered SM Summit, a manufacturer of audio cassette tapes, followed by CD-ROMs and DVD-ROMs — all gradually made obsolete by advancing technology.

Kong Chee Min, who rose through the ranks from accountant to regional CEO at SM Summit, was appointed CEO in 2011, just as the company pivoted into a new business – managing workers’ accommodation – and rebranded itself as Centurion Corp.

Since then, Centurion has grown into one of the largest specialists in purpose-built accommodation for foreign workers and students, with over 70,000 beds in its portfolio and a market capitalisation of S$1.4 billion.

Yesterday, it spun off 14 assets worth S$1.8 billion into Centurion Accommodation REIT, raising S$770 million in the second-largest listing of the year