Centurion Corporation is acquiring a worker accommodation asset in Karratha, Western Australia, for A$45 million ($41.05 million). The operational asset comprises Velocity Village, a 93-room worker accommodation facility with 186 beds, and Velocity Motel & Bistro, which offers 135 executive-style, single-occupancy rooms and associated amenities.

The asset is located in the Pilbara region within Western Australia, which is Australia’s largest resource and employment centre. According to Centurion’s April 20 press release, Western Australia supports over 13,000 jobs across sectors, including mining and extraction, construction, as well as oil and gas. The jobs are largely “fly-in, fly-out” roles, where workers rotate between their home cities and project sites.

Centurion says the acquisition marks its entry into a new specialised living accommodation segment — key worker accommodation (KWA) —  in addition to its existing portfolio of purpose-built worker accommodation and purpose-built student accommodation.

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The asset purchase comes about seven months after the listing of Centurion Accommodation Reit (Careit) last September. “Following the listing of Careit, we are well-positioned to deploy capital into growth opportunities that complement our specialised living sector accommodation platform,” says Kong Chee Min, CEO of Centurion Corporation.

The group adds that it is actively exploring further opportunities in the KWA segment.