Centurion Corporation, via a joint venture, has signed a master lease for a property that will be used for its foray into the Hong Kong student accomodation market.
The lease commenced on May 16 for a 5-year term and it comes with options to renew for 2 years and then two further extensions of another 1-year each.
The joint venture, Centurion-Lionrock, is leasing 15 floors of a building at Ma Tau Wai Road and will renovate it into a 89-bed student accommodation.
The property is within walking distance to the Hong Kong Polytechnic University and Hong Kong Metropolitan University.
The property is expected to be operational in September.
Centurion shares closed at 54 cents on May 16, down 1.82% for the day but up 31.71% year to date.
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