Singapore's Wee Hur to sell Aussie student housing portfolio for $1 bln (updated)

Wee Hur Holdings

16/12/2024 11:37

(Adds details on stake, portfolio, net proceeds and expected
timeline in paragraphs 2-5)
       Dec 16 (Reuters) - 
    Wee Hur Holdings  WHHL.SI , a Singapore-based real estate
investment management firm, said on Monday that it will sell its
student accommodation portfolio to real estate asset manager
Greystar for a gross price of A$1.6 billion ($1.02 billion).
    Under the agreement, Wee Hur will retain an indirect stake
in the portfolio via its Australian unit through a 13% equity
interest in Greystar.
    The portfolio comprises of seven student accommodation
assets spanning more than 5,500 beds across key Australian
cities, the company said.
    Wee Hur said it will receive around S$320 million ($237.1
million) in net proceeds from the sale.
    The transaction is expected to be completed in the next six
months, the company added.
    

($1 = 1.5738 Australian dollars)
($1 = 1.3497 Singapore dollars)

 (Reporting by Shivangi Lahiri in Bengaluru; Editing by Sonia
Cheema)
 ((Shivangi.Lahiri@thomsonreuters.com;))