Wee Hur to divest PBSA portfolio for A$1.6 bil
The transaction is readied to be finished throughout the upcoming 6 months, based on Greystar obtaining Foreign Investment Review Board (FIRB) permissions and Wee Hur acquiring green light from its shareholders.
Goh Wee Ping, Chief Executive Officer of Wee Hur Capital, states: “In 2021/2022, amid global unpredictability, we acted emphatically to protect liquidity and certainty via our successful wrap-up with RECO. 2 years eventually, as the PBSA market rebounded and our portfolio approached complete stabilisation, we capitalised on yet one more chance to unlock maximum worth for our stakeholders via this landmark proceeding.”
Wee Hur Holdings has already joined a joining agreement to sell its account of seven purpose-built student accommodation (PBSA) assets to Greystar, according to a Dec 16 launch.
According to the group, the final profits of around $320 million is expected to go towards Wee Hur’s strategic development, sustain its reinvestment in core business, and expansion into new locations such as alternative assets.
Adhering to the purchase, Wee Hur is readied to hold a 13% involvement through its subsidiary, Wee Hur (Australia).
The purchase even supports Wee Hur’s long-term strategy and recurring initiatives to diversify its accounts and position the group for lasting growth across numerous markets, adds Wee Hur.
The group’s PBSA profile, which covers over 5,500 bedrooms over numerous Australian towns, has an acquisition consideration of A$ 1.6 billion ($ 1.4 billion).
The group states the transaction reflects Wee Hur’s “strength in navigating intricate industry conditions”, including the obstacles posed by Covid-19 and greenfield growths.
