Student Accommodation
As of 31 December 2024, the Group manages c.4,501 beds across 17 operational PBSA assets in Australia, the UK, the US, and China, under the Dwell Student Living brand. Student housing demand and financial occupancy levels in the UK and Australia remain strong, driven by a persistent under-supply of PBSA beds in key university cities.
United Kingdom
As of 31 December 2024, the Group owns and operates 10 freehold or long leasehold PBSA assets in the UK, with a total bed capacity of c.2,786 beds. These assets are strategically located across five cities near leading universities.
Five of the assets are in Manchester, two in Nottingham, and one property each in Liverpool, Newcastle, and Bristol. Nine of these assets are fully owned and managed by Centurion, while Dwell Castle Gate Haus in Nottingham is held under the Group’s second private fund, in which the Group holds a 14.3% stake.
UK universities are among the most prestigious in the world, but the market continues to be moulded by an ongoing demand-supply imbalance. Demand for student housing remains resilient as it returns to a steady pre-pandemic growth trajectory.
Australia
In Australia, the Group owns and operates two PBSAs, namely Dwell Village Melbourne City and Dwell East End Adelaide. The total bed capacity as of 31 December 2024 is c.897 beds. Dwell Village Melbourne City has c.597 beds, while Dwell East End Adelaide has c.300 beds. Both properties are strategically located in prime areas, close to city centres and their respective universities.
United States
Centurion owns and operates three freehold PBSA assets in the US, with a total capacity of c.663 beds across Wisconsin and Connecticut. Primarily serving first-tier universities, these assets are held under the Centurion US Student Housing Fund (“CUSSHF”), the Group’s inaugural private fund, in which Centurion holds approximately 28.7% of the total units in issue and serves as both the fund and asset manager.
As CUSSHF reached term in November 2024, the Group is taking steps to divest the remaining portfolio. In 2Q 2024, Dwell Logan Square and Dwell Stadium View were successfully disposed, and Dwell Tenn Street was divested in 2Q 2023. The remaining three portfolio assets continue to deliver healthy financial occupancy.
China
The Group entered the Hong Kong, China PBSA market in 2Q 2024, securing 5+5-year and 5+4-year master leases respectively for two properties in Kowloon. The properties, Dwell Prince Edward and Dwell Ho Man Tin, have been refurbished as PBSAs offering c.66 beds and c.89 beds respectively.
Dwell Ho Man Tin is situated in a prime location, just an 11-minute bus ride to Hong Kong Metropolitan University and conveniently situated within walking distance to essential amenities. Dwell Prince Edward is nestled in the vibrant heart of Mong Kok, Kowloon, next to Prince Edward MTR station, providing swift access to both City University of Hong Kong (CityU) and Hong Kong Metropolitan University (HKMU).
