3rd Quarter Newsletter * December 2016
We are pleased to introduce the new look of Centurion Asset Management Inc.'s quarterly newsletter, which is part of our new branding initiative for 2017. We decided to revisit our communication strategy to ensure its alignment with our short- and long-term business objectives. In the coming months, you can expect to receive a copy of The Centurion regularly in your inbox.
This issue contains important news about the company, our latest property acquisition in Guelph, as well as fund updates and executive appointments. For your convenience, we also included quick links to our portfolio and contact information of our investment sales team.
We hope you'll enjoy the December issue of our newsletter and we look forward to sharing more exciting news in upcoming issues.
Centurion Asset Management Inc.
Announces Opening of Corporate Finance Division
and Key Hire
Centurion is pleased to announce that it has hired Daryl Boyce as Vice President of Corporate Finance. Daryl has been hired to lead Centurion Asset Management Inc.'s expansion into providing financing solutions for small and medium size enterprises. Daryl brings over 35 years of experience in this space. Commenting on this, Greg Romundt, President of Centurion stated:

"Throughout my career I've built a number of businesses. All of them have been focused on niche markets where I saw an underexploited opportunity. I started my career out of business school trading interest rate derivatives for Citibank in Toronto. At the time, in Canada there were very few doing this. It wasn't long before I was building models for an emerging opportunity in second generation (exotic) derivatives. Soon, I was running exotic currency options for Canada. Citibank asked me to move to New York to build their exotic options business and it wasn't long before I spearheaded the development their third generation (even more exotic) derivatives business. I was then asked to build an exotic options business for Citibank in Asia focused on emerging market currency (exotic options on exotic currencies) and moved to Singapore. After building this business, AIG recruited me to build their emerging markets derivatives team in Hong Kong then moved me to their head office in London to run emerging markets globally. When I left and founded Centurion, I saw an opportunity in apartments in Canada, primarily in mid-size buildings and secondary markets. Next came student housing, then lending to developers of student housing and apartments so we could buy them upon completion. We were soon providing equity to the developers of these types of product. In total I've built eleven businesses and/or business segments in my career. I love building businesses. The common links between all these investment businesses is that I've built upon what had already been built in terms of infrastructure and skills, and applied these to new underexploited opportunities I've identified along the way. I see a great opportunity in providing financial solutions to small and medium size enterprises. I have been intrigued with this space for a while, but it took some time for me to figure out exactly how I wanted to execute on the opportunity and to find the right person to lead this department. I'm confident that I've found that person in Daryl. 
In the real estate lending business of Centurion Real Estate Opportunities Trust, we provide financing solutions to clients that are slightly outside the box of traditional bank lenders. Our corporate finance team will similarly seek to provide financing solutions to small- and mid-size enterprises. When I look at the landscape of financing providers, the vast majority of them fall on either one side or the other like mortgage investment corporations (real estate lending) or private debt/equity (corporate lending) funds. When you think of it though, these solution providers exist because there is often a need for a financing solution that can more fully address the capital requirements of good companies than what traditional banks may be able to provide due to the  banks' constrictive boxes. So in my mind, the opportunity is to be an "alternative" bank, focusing on opportunities the banks can't or won't capitalize on. Extending the Centurion team to execute in this area means bringing on board additional expertise as we have done each time we've built out a new business segment. Centurion currently has five business segments separated into two funds, Centurion Apartment REIT and Centurion Real Estate Opportunities Trust:

Centurion Apartment REIT focuses on
Centurion Real Estate Opportunities Trust (REOT) focuses on
Hiring Daryl Boyce was our first step in this plan to build our sixth business segment. He has been charged with building this business much like how Steve Stewart built our real estate lending and joint ventures business. While I'm very attracted to the idea of a broader-based, diversified, alternative lender in a single fund, we're respectful that our existing funds went out with mandates that didn't include what we are now contemplating. As such, we plan to launch a new fund that will be designed for this vision so that existing clients can make their own choice about whether they want to be a part of more broadly diversified type of financing fund or to stick to what they already have with Centurion. We are aiming for a launch in the early part of 2017. Before then, we plan to make few additional team hires, including assembling a good independent board to oversee this fund. We will provide further updates in the near future."

Daryl Boyce's biography is available below.
Centurion President and CEO, Greg Romundt, on Bloomberg
Our President and CEO, Greg Romundt, was invited to speak about why fiscal stimulus rarely works in Bloomberg TV Canada's Bloomberg North - a show focused on discussing global business news with industry leaders and decision makers. Anchored by experienced TV host and commentator Rudyard Griffiths, Mr. Romundt argues why central banks and governments should not meddle with the natural course of the business cycle.
Watch the complete episode here.
Centurion Acquires New Property in Guelph
Atwood Suites
5 Schroder Crescent, Guelph, ON

We are pleased to announce the acquisition of Atwood Suites located at 5 Schroder Crescent in Guelph on September 8, 2016.
This newly built apartment building was developed and constructed by an external partner of Centurion REOT and is currently being managed by Centurion Properties Associates Inc.

Atwood Suites is part 4-storey and part 5-storey mid-rise rental apartment with 66 units comprising seven one-bedroom, 18 two-bedroom, 32 two-bedroom plus den, four three-bedroom, and five three-bedroom plus den suites. The apartment comes with 88 above ground parking spots and includes a social/party room, fitness room, and locker storage. Atwood Suites is situated along the Guelph transit Grange route 14, and is conveniently located 15 minutes from downtown Guelph.
  • Centurion Apartment REIT opened for a limited raise of $30 million in equity on September 26, 2016 which was filled. The Trust is currently capped to new investor capital.
  • Centurion Apartment REIT's NAV as at December 1, 2016 is $12.589. 
  • Centurion Real Estate Opportunities Trust's NAV as at December 1, 2016 is $10.699. The Trust is currently capped to new investor capital.
  • Centurion Apartment REIT's YTD return is 7.44%.
  • Centurion Real Estate Opportunities Trust's YTD return is 10.99%.
Click below for full size
REIT Fund Fact Sheet
Click below for full size
REOT Fund Fact Sheet
Centurion Launches New Domain Name
We are excited to announce that Centu rion has acquired the domain centurion.ca!
Our website is now accessible via the new domain. There are more exciting things to come. Look out for the next issue of The Centurion to find out more.
Centurion at the FENI Summit 2017

January 17-18, 2017
The Ritz-Carlton Toronto 

Centurion is proud to sponsor Canada's longest-running and largest investments summit dedicated to foundations and endowments. Centurion President and CEO, Greg Romundt, will be sharing the Benefits of Investing in Private REITs for Foundations on January 18 (Wednesday) at 1:30pm. Check the event website and follow us on social media for details.

Daryl Boyce, VP Corporate Finance

Daryl's investment and financing experience spans over 35 years and covers management of private equity and debt financing portfolios. Most recently, Daryl was the President of Evergreen Capital Group, a consulting firm involved in providing corporate finance, business transition, as well as expansion- and succession-related advisory services to mid-market clientele. Before forming Evergreen, he managed the private equity portfolio of Trimel Investments Inc. and held a variety of lending roles in ScotiaBank. Daryl has acquired expertise in a variety of sectors, including specialty pharmaceuticals, manufacturing and distribution, transportation and logistics, consumer products, and professional sports. 
He received his Honours Bachelor of Arts in Commerce and Economics from the University of Toronto in 1981.

Paul Mayer, VP Business Development and Institutional Sales

Paul has over 20 years of sales and marketing experience. He was a VP of Sales and later Marketing at Mackenzie Financial, one of Canada's largest mutual fund companies. He later became Director of Institutional Sales and Marketing of Polar Securities, Canada's oldest and one of its largest hedge fund companies; after which, he joined Clera Inc., one of the world's leading central nervous system drug development firms as its Head of Business Development. Before joining Centurion, Paul was Head of Business Development of Inflection Management, a Vancouver-based portfolio management firm.
Paul is a graduate of Queen's University and has an MBA from IESE Business School in Spain. He speaks English, French, and German with an understanding of Spanish.
For more information, please contact your advisor.

From all of us at
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