Wee Hur Divest Pbsa Portfolio A16 Bil
The Singapore Exchange has cautioned investors to trade with care, as Wee Hur faces a “potential trading halt” due to its pending announcement
Wee Hur Holdings has recently announced that it has entered into a binding agreement with Greystar to sell its portfolio of seven purpose-built student accommodation (PBSA) assets. The sale, which was revealed in a press release on 16 December, has a purchase consideration of A$1.6 billion ($1.4 billion) and is expected to be completed in the next six months. Wee Hur will retain a 13% stake in the portfolio through its subsidiary, Wee Hur (Australia).
The group’s PBSA portfolio includes over 5,500 beds in several Australian cities. The net proceeds of approximately $320 million from the sale will be used to support Wee Hur’s strategic growth, reinvestment in its core business, and expansion into new areas, such as alternative investments. The transaction is subject to Greystar obtaining Foreign Investment Review Board (FIRB) approvals and Wee Hur obtaining consent from its shareholders.
According to the group, this sale demonstrates Wee Hur’s resilience in navigating complex market conditions, including those presented by the COVID-19 pandemic and greenfield developments. It also aligns with the group’s long-term strategy to diversify its portfolio and position itself for sustainable growth across multiple sectors.
Goh Wee Ping, CEO of Wee Hur Capital, explained that this transaction comes after the group’s successful recapitalization with RECO in 2021/2022. He noted that this sale, which takes place two years later as the PBSA market rebounds and the portfolio approaches full stabilisation, is a testament to the group’s ability to unlock maximum value for its stakeholders.
The Singapore Exchange has cautioned investors to trade with care, as Wee Hur is facing a potential trading halt due to its pending announcement.
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