Fresh off student housing deal, Wee Hur keen on more partnerships with institutional investors

Tessa Oh

Published Mon, May 23, 2022 · 05:50 AM

WEE Hur Holdings : E3B 0%’ recent sale of a chunk of its Australian purpose-built student accommodation (PBSA) portfolio could be described as something of a coup for the construction and real estate group.

The mainboard-listed company had announced in a bourse filing last month that it will be selling a 9.9 per cent stake in Wee Hur PBSA Master Trust (WHPMT) for A$112.7 million ($113.3 million).

Other shareholders of WHPMT holding a 40 per cent stake will also divest all of their interest in the property trust.

The deal values the fund’s properties at A$1.14 billion, with an equity value of A$551.1 million. The latter is 1.4 times’ its current value on the property developer and builder’s books.

The buyer, Reco Weather, is a Singapore-based investment holding company linked to state investment fi…