.Singapore-listed real estate developer Wee Hur Holdings has announced a binding agreement to sell its portfolio of purpose-built student accommodation (PBSA) assets to Greystar for A$1.6 billion ($1.4 billion).The portfolio comprises seven assets located across multiple Australian cities, offering a combined total of over 5,500 beds. The transaction is expected to be completed within the next six months, subject to Greystar obtaining Foreign Investment Review Board (FIRB) approvals and Wee Hur obtaining consent from its shareholders. As part of the agreement, Wee Hur will retain a 13% stake through its subsidiary, Wee Hur (Australia).The group states that the net proceeds of approximately $320 million will be used to support Wee Hur’s strategic growth, including reinvestment in its core business and expansion into new areas such as alternative investments. This transaction is a testament to the group’s resilience in navigating complex market conditions, including the challenges posed by the Covid-19 pandemic and greenfield developments. Furthermore, it aligns with Wee Hur’s long-term strategy and ongoing efforts to diversify its portfolio in order to position the group for sustainable growth across multiple sectors.Wee Hur Capital CEO Goh Wee Ping expressed his satisfaction with the deal, stating that the company had taken decisive action to secure liquidity and certainty through its successful recap with RECO in 2021/2022. He added that two years later, as the PBSA market rebounded and their portfolio reached full stabilisation, they were able to capitalise on yet another opportunity to unlock maximum value for their stakeholders through this landmark transaction.
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