Wee Hur to divest PBSA portfolio for A$1.6 bil

The transaction is set to be finished throughout the upcoming six months, subject to Greystar acquiring Foreign Investment Review Board (FIRB) approvals and Wee Hur getting green light from its investors.

Goh Wee Ping, CEO of Wee Hur Capital, says: “In 2021/2022, in the middle of worldwide worry, we acted emphatically to protect liquidity and assurance through our effective wrap-up with RECO. 2 years later, as the PBSA industry rebounded and our portfolio approached full stabilisation, we capitalised on yet an additional opportunity to unlock optimum value for our stakeholders through this landmark transaction.”

Adhering to the transaction, Wee Hur is readied to hold a 13% stake with its subsidiary, Wee Hur (Australia).

The Arcady @ Boon Keng condominium

The group claims the sale shows Wee Hur’s “resilience in browsing complex market conditions”, including the difficulties posed by Covid-19 and greenfield growths.

Wee Hur Holdings has taken part in a joining arrangement to sell its account of seven purpose-built student accommodation (PBSA) assets to Greystar, according to a Dec 16 release.

According to the group, the final proceeds of about $320 million is assumed to go towards Wee Hur’s calculated development, support its reinvestment in core business, and expansion into new locations such as another investments.

The team’s PBSA profile, that covers over 5,500 bedrooms over numerous Australian cities, has a purchase consideration of A$ 1.6 billion ($ 1.4 billion).

The deal additionally sustains Wee Hur’s continued technique and continuous initiatives to broaden its accounts and place the group for lasting development across multiple industries, includes Wee Hur.