Wee Hur Holdings has announced that it has entered into a binding agreement to sell its portfolio of seven purpose-built student accommodation (PBSA) assets to Greystar for approximately A$1.6 billion ($1.4 billion). The group’s portfolio comprises of over 5,500 beds across various cities in Australia. After the completion of the transaction, Wee Hur will retain a 13% stake in the portfolio through its subsidiary, Wee Hur (Australia). The net proceeds of approximately $320 million will be used to support the group’s strategic growth, reinvest in its core business, and venture into new areas such as alternative investments.
The transaction is expected to be completed within the next six months, subject to Greystar obtaining Foreign Investment Review Board (FIRB) approvals and Wee Hur obtaining consent from its shareholders. According to the group, this transaction showcases Wee Hur’s ability to navigate through complex market conditions, including the challenges posed by the COVID-19 pandemic and greenfield developments.
Wee Hur also states that the transaction supports its long-term strategy and ongoing efforts to diversify its portfolio and position the group for sustainable growth across multiple sectors. Goh Wee Ping, CEO of Wee Hur Capital, says, “In 2021/2022, amidst global uncertainty, we acted decisively to secure liquidity and certainty through our successful recap with RECO. Two years later, as the PBSA market rebounded and our portfolio approached full stabilisation, we capitalized on yet another opportunity to unlock maximum value for our stakeholders through this landmark transaction.”
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