Wee Hur to divest PBSA portfolio for A$1.6 bil

According to the group, the final earnings of around $320 million is assumed to go in the direction of Wee Hur’s calculated growth, assist its reinvestment in core business, and expansion into brand-new areas such as alternative assets.

Goh Wee Ping, CEO of Wee Hur Capital, says: “In 2021/2022, amidst global uncertainty, we acted emphatically to secure liquidity and certainty through our successful recap with RECO. 2 years afterwards, as the PBSA market rebounded and our profile approached complete stabilisation, we capitalised on yet another opportunity to unlock maximum worth for our stakeholders with this landmark sale.”

Bagnall Haus Upper East Coast Road

Wee Hur Holdings has already joined a binding contract to offer its portfolio of 7 purpose-built student accommodation (PBSA) investments to Greystar, according to a Dec 16 release.

The purchase additionally sustains Wee Hur’s long-term strategy and recurring efforts to broaden its accounts and position the group for lasting growth across numerous markets, adds Wee Hur.

The group says the transaction mirrors Wee Hur’s “durability in browsing complicated market problems”, involving the difficulties posed by Covid-19 and greenfield developments.

Following the deal, Wee Hur is set to keep a 13% involvement through its subsidiary, Wee Hur (Australia).

The team’s PBSA profile, which spans over 5,500 bedrooms over numerous Australian metros, has an acquisition consideration of A$ 1.6 billion ($ 1.4 billion).

The transaction is readied to be completed throughout the coming six months, based on Greystar obtaining Foreign Investment Review Board (FIRB) approvals and Wee Hur obtaining consent from its investors.