Wee Hur to divest PBSA portfolio for A$1.6 bil
The team’s PBSA profile, that extends over 5,500 beds over numerous Australian metros, has an acquisition consideration of A$ 1.6 billion ($ 1.4 billion).
The group claims the purchase mirrors Wee Hur’s “resilience in navigating complex industry issues”, involving the challenges posed by Covid-19 and greenfield growths.
The proceeding is set to be completed within the coming six months, based on Greystar acquiring Foreign Investment Review Board (FIRB) confirmations and Wee Hur getting authorization from its investors.
Adhering to the purchase, Wee Hur is readied to keep a 13% stake with its subsidiary, Wee Hur (Australia).
Wee Hur Holdings has recently taken part in a joining contract to market its accounts of 7 purpose-built student accommodation (PBSA) properties to Greystar, according to a Dec 16 launch.
Goh Wee Ping, Chief Executive Officer of Wee Hur Capital, states: “In 2021/2022, amidst worldwide unpredictability, we acted decisively to secure liquidity and certainty through our successful recap with RECO. 2 years afterwards, as the PBSA industry rebounded and our profile approached full stabilisation, we capitalised on yet an additional chance to unlock optimum worth for our stakeholders with this landmark sale.”
The transaction also sustains Wee Hur’s continued approach and recurring efforts to broaden its profile and position the group for lasting development across several markets, adds Wee Hur.
According to the group, the final earnings of roughly $320 million is anticipated to go towards Wee Hur’s strategic development, assist its reinvestment in core business, and expansion into brand-new locations such as alternative assets.
