Wee Hur to divest PBSA portfolio for A$1.6 bil
Goh Wee Ping, Chief Executive Officer of Wee Hur Capital, states: “In 2021/2022, amidst global uncertainty, we acted decisively to safeguard liquidity and assurance with our successful recap with RECO. 2 years afterwards, as the PBSA industry recoiled and our portfolio came close to full stabilisation, we capitalised on yet an additional possibility to unlock maximum value for our stakeholders via this landmark proceeding.”
Wee Hur Holdings has recently entered into a joining agreement to sell its portfolio of seven purpose-built student accommodation (PBSA) properties to Greystar, according to a Dec 16 release.
The group’s PBSA profile, which spans over 5,500 beds over a number of Australian cities, has an acquisition consideration of A$ 1.6 billion ($ 1.4 billion).
The group claims the transaction mirrors Wee Hur’s “strength in navigating intricate market issues”, including the obstacles posed by Covid-19 and greenfield growths.
Adhering to the purchase, Wee Hur is set to retain a 13% stake through its subsidiary, Wee Hur (Australia).
The deal additionally supports Wee Hur’s continued approach and ongoing efforts to broaden its profile and place the group for sustainable growth across multiple markets, includes Wee Hur.
According to the group, the final profits of around $320 million is expected to go in the direction of Wee Hur’s strategic growth, support its reinvestment in core business, and expansion right into brand-new locations such as different assets.
The transactions is set to be finished within the next 6 months, based on Greystar acquiring Foreign Investment Review Board (FIRB) permissions and Wee Hur getting authorization from its investors.
