Wee Hur to divest PBSA portfolio for A$1.6 bil
Goh Wee Ping, CEO of Wee Hur Capital, states: “In 2021/2022, in the middle of global unpredictability, we acted emphatically to safeguard liquidity and certainty via our successful wrap-up with RECO. 2 years afterwards, as the PBSA industry recoiled and our profile approached complete stabilisation, we capitalised on yet one more possibility to unlock optimum worth for our stakeholders via this landmark agreement.”
The purchase also sustains Wee Hur’s continued technique and ongoing initiatives to broaden its portfolio and position the team for sustainable development across multiple markets, includes Wee Hur.
Adhering to the deal, Wee Hur is readied to keep a 13% stake through its subsidiary, Wee Hur (Australia).
The group’s PBSA profile, which spans over 5,500 bedrooms over numerous Australian towns, has an acquisition consideration of A$ 1.6 billion ($ 1.4 billion).
The transactions is readied to be finished throughout the coming 6 months, based on Greystar acquiring Foreign Investment Review Board (FIRB) permissions and Wee Hur obtaining consent from its investors.
The group claims the transaction reflects Wee Hur’s “resilience in browsing complex market issues”, including the obstacles posed by Covid-19 and greenfield growths.
Wee Hur Holdings has entered into a joining contract to sell its account of seven purpose-built student accommodation (PBSA) properties to Greystar, according to a Dec 16 release.
According to the group, the final proceeds of approximately $320 million is assumed to go in the direction of Wee Hur’s strategic development, support its reinvestment in core business, and expansion into brand-new locations such as different investments.
