Wee Hur to divest PBSA portfolio for A$1.6 bil

The purchase also supports Wee Hur’s continued strategy and continuous initiatives to expand its portfolio and position the group for lasting growth across numerous markets, adds Wee Hur.

The team’s PBSA account, that covers over 5,500 bedrooms over several Australian cities, has an acquisition consideration of A$ 1.6 billion ($ 1.4 billion).

Hillhaven Sekisui House & Far East Oganization

The proceeding is set to be completed throughout the next 6 months, subject to Greystar getting Foreign Investment Review Board (FIRB) confirmations and Wee Hur acquiring consent from its investors.

Following the purchase, Wee Hur is readied to retain a 13% involvement via its subsidiary, Wee Hur (Australia).

The group states the transaction mirrors Wee Hur’s “durability in browsing complex industry issues”, involving the obstacles posed by Covid-19 and greenfield developments.

Goh Wee Ping, Chief Executive Officer of Wee Hur Capital, claims: “In 2021/2022, amid worldwide unpredictability, we acted decisively to protect liquidity and certainty via our effective wrap-up with RECO. 2 years afterwards, as the PBSA market rebounded and our portfolio came close to complete stabilisation, we capitalised on yet one more opportunity to unlock optimum value for our stakeholders with this landmark agreement.”

According to the group, the net proceeds of about $320 million is anticipated to go towards Wee Hur’s calculated development, assist its reinvestment in core business, and expansion right into new locations such as different investments.

Wee Hur Holdings has recently become part of a binding contract to sell its accounts of 7 purpose-built student accommodation (PBSA) investments to Greystar, according to a Dec 16 release.