Wee Hur to divest PBSA portfolio for A$1.6 bil

Goh Wee Ping, Chief Executive Officer of Wee Hur Capital, states: “In 2021/2022, amid international worry, we acted emphatically to protect liquidity and certainty with our effective recap with RECO. Two years afterwards, as the PBSA market rebounded and our portfolio came close to complete stabilisation, we capitalised on yet one more possibility to unlock optimum value for our stakeholders via this landmark agreement.”

Blossoms By The Park condominium

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

Wee Hur Holdings has already entered into a binding agreement to market its portfolio of 7 purpose-built student accommodation (PBSA) assets to Greystar, according to a Dec 16 launch.

According to the group, the net profits of roughly $320 million is anticipated to go in the direction of Wee Hur’s calculated growth, assist its reinvestment in core business, and expansion into brand-new areas such as alternative assets.

The group’s PBSA portfolio, which extends over 5,500 bedrooms over a number of Australian towns, has an acquisition consideration of A$ 1.6 billion ($ 1.4 billion).

The purchase also supports Wee Hur’s long-term method and ongoing efforts to diversify its portfolio and position the team for maintainable development across numerous fields, includes Wee Hur.

The group states the purchase mirrors Wee Hur’s “durability in navigating intricate market conditions”, involving the challenges posed by Covid-19 and greenfield growths.

The transaction is set to be completed within the upcoming six months, based on Greystar getting Foreign Investment Review Board (FIRB) permissions and Wee Hur acquiring authorization from its shareholders.