Australia: An affiliate company Singapore’s sovereign wealth fund GIC has bought a half share of an Australian student housing portfolio from Wee Hur for A$568 million (£323 million).
Listed Singaporean developer Wee Hur said Reco Weather Private is buying the 49.9 per cent stake in the Wee Hur PBSA Master Trust which held the student housing assets. Wee Hur will retain the remaining 50.1 per cent stake. The company said the valuation of the transaction was 2.8 times the current value of the assets on Wee Hur’s books.
The Wee Hur PBSA Master Trust was created in 2016 to develop PBSA assets in Australia, seeking to establish a portfolio of up to 5,000 beds in major cities.
It currently comprises 5,662 beds across seven towers in five Australian capital cities.
Wee Hur executive chairman Goh Yeow Lian said: “We are extremely pleased to have done a recapitalisation of our first Australia-focused PBSA fund, providing exit certainty for our investors within the fund term.”
The deal is expected to be completed over a number of settlement stages, the last being by 31 December 2025, subject to conditions.
