Wee Hur Divest Pbsa Portfolio A16 Bil

Wee Hur Holdings has announced the sale of its portfolio of seven purpose-built student accommodation (PBSA) assets to Greystar for a purchase consideration of A$1.6 billion ($1.4 billion). Through its subsidiary, Wee Hur (Australia), the group will retain a 13% stake in the PBSA portfolio, which spans over 5,500 beds in several Australian cities. The sale is expected to be completed in the next six months, subject to necessary approvals. The proceeds of approximately $320 million will be used to support Wee Hur’s strategic growth, reinvestment in its core business, and expansion into new areas such as alternative investments. This transaction reflects the group’s resilience in navigating complex market conditions, including the challenges posed by Covid-19 and greenfield developments. It also supports Wee Hur’s long-term strategy and efforts to diversify its portfolio and position itself for sustainable growth across multiple sectors. According to Goh Wee Ping, CEO of Wee Hur Capital, the successful disposal of its PBSA portfolio is a testament to the group’s ability to act decisively in securing liquidity and certainty for its stakeholders. In 2021/2022, amidst global uncertainty, the group successfully recapitalized through RECO. Two years later, as the PBSA market rebounded and the portfolio approached full stabilisation, Wee Hur seized the opportunity to unlock maximum value for its stakeholders through this landmark transaction.

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