Centurion Apartment REIT and Schembri Group of Companies Announce the Management of Schembri’s 1,725 Bed Waterloo Student Housing Portfolio under Centurion’s “The MARQ” Student Housing Platform
June 19, 2015
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, and Schembri Group of Companies are pleased to announce that they have entered an agreement that will see Centurion’s “The MARQ” brand assume management of Schembri’s existing student housing portfolio. The MARQ is focused exclusively on providing students with superior housing options in well-managed properties that are close to everything that's important in a student's life. The portfolio is currently managed by Schembri Property Management Inc.
Commenting on the management agreement, Gordon Schembri, President of Schembri Property Management Inc. says: “Entrusting management of our properties to an experienced operator with a dedicated student housing management platform will allow our group to focus on the continued rapid growth of our core development business, and seize on several opportunities that are before us.”
The MARQ has already assumed responsibility for managing the existing portfolio, and will manage lease-up and operation of Schembri’s The Block project, which is slated for partial occupancy in September of this year.
Centurion Apartment Real Estate Investment Trust
Centurion Apartment Real Estate Investment Trust ("REIT"), is a trust which provides an opportunity for investors to invest in a diversified portfolio of rental apartments and student housing properties in Canada, and participate in the profits derived from them. It operates its own student housing buildings and provides third-party asset and property management services to other owners under its “The MARQ” student housing brand. In total, The MARQ serves over 3,500 student housing beds in seventeen buildings and three Canadian cities.
For more information about The MARQ, please visit www.themarq.ca
Schembri Group of Companies and Schembri Property Management Inc.
The Schembri Group of Companies is a Canadian organization, which has developed over 15 projects in multiple cities across Southwestern Ontario. Currently, Schembri has projects under construction in 2 cities as well as projects in the development and permitting stage in 3 other cities. In the next 24 months, Schembri will be completing over 200 million dollars in new developments. Schembri Property Management Inc., as part of the Schembri Group of Companies, was previously responsible for management of the organization’s student housing business.