The net proceeds will enable Wee Hur to reallocate its capital.
$Wee Hur (E3B.SG)$ sold its seven Purpose-Built Student Accommodation assets to Greystar, a real estate investor, for $1.37b (A$1.6b).
The transaction involves the 100% sale of all property sub-trusts wholly owned by Wee Hur, with the company retaining a 13% stake through its wholly owned subsidiary Wee Hur (Australia).
The net proceeds will enable Wee Hur to reallocate its capital strategically, including reinvesting in existing businesses or exploring high-growth areas such as Wee Hur's new core business, KK39, which focuses on venture capital, private equity, and private credit investments.
Following adjustments, Wee Hur will receive net sale proceeds of $320m. The transaction is expected to be completed within the next six months and is subject to Greystar obtaining Foreign Investment Review Board approvals.
($1=A$0.85)
