Wee Hur to divest PBSA portfolio for A$1.6 bil

The transaction is readied to be finished throughout the next 6 months, subject to Greystar obtaining Foreign Investment Review Board (FIRB) approvals and Wee Hur obtaining consent from its investors.

The group claims the transaction reflects Wee Hur’s “durability in browsing intricate market problems”, including the difficulties posed by Covid-19 and greenfield growths.

Goh Wee Ping, CEO of Wee Hur Capital, states: “In 2021/2022, in the middle of international unpredictability, we acted decisively to protect liquidity and certainty via our successful wrap-up with RECO. 2 years afterwards, as the PBSA market rebounded and our profile came close to complete stabilisation, we capitalised on yet an additional chance to unlock optimum worth for our stakeholders through this landmark sale.”

19 Nassim condo

The team’s PBSA profile, which extends over 5,500 bedrooms over a number of Australian metros, has a purchase consideration of A$ 1.6 billion ($ 1.4 billion).

Wee Hur Holdings has recently become part of a joining agreement to sell its accounts of 7 purpose-built student accommodation (PBSA) investments to Greystar, according to a Dec 16 launch.

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

According to the group, the final earnings of about $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.

The transaction additionally supports Wee Hur’s continued approach and continuous efforts to diversify its accounts and place the team for lasting growth throughout multiple markets, adds Wee Hur.


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