Wee Hur Divest Pbsa Portfolio A16 Bil
Wee Hur Holdings has recently announced the sale of its portfolio of seven purpose-built student accommodation (PBSA) assets to Greystar through a binding agreement. The deal, which was released on December 16, involves a purchase consideration of A$1.6 billion ($1.4 billion) for Wee Hur’s portfolio of over 5,500 beds located in various Australian cities. Wee Hur is set to retain a 13% stake in the portfolio through its subsidiary, Wee Hur (Australia).
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According to Wee Hur, the net proceeds of approximately $320 million from the sale will be used for the company’s strategic growth, reinvestment in its core business, and expansion into new areas such as alternative investments. The transaction is expected to be completed within the next six months, pending approvals from Greystar’s Foreign Investment Review Board (FIRB) and Wee Hur’s shareholders.
Wee Hur’s CEO, Goh Wee Ping, believes that this transaction demonstrates the company’s resilience in navigating complex market conditions, including the challenges posed by the Covid-19 pandemic and greenfield developments. He also states that the sale aligns with Wee Hur’s long-term strategy to diversify its portfolio and position itself for sustainable growth across multiple sectors.
Ping adds, “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 capitalised on yet another opportunity to unlock maximum value for our stakeholders through this landmark transaction.”