Wee Hur to divest PBSA portfolio for A$1.6 bil

Wee Hur Holdings has already become part of a binding agreement to market its portfolio of seven purpose-built student accommodation (PBSA) investments to Greystar, according to a Dec 16 release.

The group states the transaction reflects Wee Hur’s “strength in browsing complicated industry conditions”, involving the obstacles posed by Covid-19 and greenfield developments.

The transaction is readied to be completed within the coming 6 months, subject to Greystar getting Foreign Investment Review Board (FIRB) confirmations and Wee Hur obtaining consent from its shareholders.

Grand Dunman SingHaiYi Group LTD

The team’s PBSA portfolio, which extends over 5,500 beds over several Australian metros, has an acquisition consideration of A$ 1.6 billion ($ 1.4 billion).

The deal also supports Wee Hur’s long-term technique and ongoing efforts to expand its portfolio and position the team for maintainable development across numerous markets, adds Wee Hur.

Adhering to the purchase, Wee Hur is readied to maintain a 13% involvement through its subsidiary, Wee Hur (Australia).

Goh Wee Ping, CEO of Wee Hur Capital, claims: “In 2021/2022, amid worldwide unpredictability, we acted emphatically to safeguard liquidity and assurance with our effective wrap-up with RECO. 2 years eventually, as the PBSA industry rebounded and our profile came close to full stabilisation, we capitalised on yet an additional possibility to unlock maximum value for our stakeholders via this landmark proceeding.”

According to the group, the net proceeds of roughly $320 million is projected to go in the direction of Wee Hur’s calculated development, support its reinvestment in core business, and expansion into brand-new locations such as different assets.