Wee Hur unloads 10% stake in student housing fund to GIC-linked buyer for gain of over S$90m
Buyer has links to GIC
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Janice Lim
WEE Hur Holdings will be selling a 9.9 per cent stake in Wee Hur PBSA Master Trust (WHPMT), an Australian focused purpose-built student accommodation fund, for A$112.7 million (S$113.3 million), said the property developer and builder in a bourse filing on Friday (Apr 22).
Other unit holders of WHPMT holding a 40 per cent stake will also divest all of their interests in the property trust, valuing the total deal at A$567.9 million.
The deal values the fund at A$1.14 billion, which is 2.8 times' its current value on Wee Hur 's books.
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