Centurion Announces Sale of 143-Unit Residential Property in Winnipeg, Manitoba

Centurion Asset Management Inc. (“Centurion”) is pleased to announce the successful disposition of Urban Square, a 143-unit multi-residential property located at 230 Good Street in Winnipeg, Manitoba. The transaction reflects Centurion’s ongoing commitment to strategic portfolio optimization and disciplined capital management.

Constructed in early 2021 by Ironclad Developments Inc., a longstanding development partner of Centurion, the property was acquired by Centurion in October 2021. Located steps from downtown Winnipeg and the University of Winnipeg, the property benefits from a highly attractive central location within the city, providing an ability to capitalize on strong local rental market fundamentals, which have helped to ensure consistently low vacancy rates and strong rental growth throughout ownership.

Despite its high-quality construction and continued strong performance, Urban Square represented Centurion's only wholly owned and internally managed investment property in Winnipeg, with its remaining investments in the market held primarily through joint venture partnerships. Consequently, the property offered limited opportunities to realize the operational efficiencies and economies of scale available in markets where Centurion maintains a larger concentration of owned and managed assets.

The disposition was completed at an attractive valuation above book value and at a premium to prevailing market value estimates. Combined with the property's limited operational synergies, the transaction presented a compelling opportunity to realize value and recover capital in today's more challenging investment environment, while enhancing Centurion's flexibility to pursue future investment opportunities.

“Successful real estate investing requires more than identifying and acquiring quality assets. It demands a disciplined understanding of market conditions and portfolio dynamics to make accretive decisions about when to acquire, hold and ultimately sell,” said Ryan Kauder, Executive Vice President, Acquisitions and Dispositions. “In this instance, the combination of attractive sale economics, limited operational synergies and an opportunity to unlock capital in a challenging market environment made this a compelling disposition for Centurion and our investors.”

“Our priority remains ensuring that we're making the right decisions for our portfolio and our investors,” said John McKinlay, President and CEO. “ “Transactions like this allow us to proactively manage our capital, validate our NAV and maintain a long-term view of where we see the greatest opportunities."

 

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