GIC Buys 49.9% Stake in Wee Hur PBSA Master Trust

Posted on 04/22/2022

Wee Hur PBSA Master Trust originated by Wee Hur Capital and sponsored by Wee Hur Holdings Ltd. is an Australian focused purpose-built student accommodation fund with an objective to develop 5,000 beds in the capital cities of Brisbane, Adelaide, Melbourne, and Sydney. Wee Hur PBSA Master Trust was created in 2016. Wee Hur PBSA Master Trust’s portfolio comprises 5,662 beds across seven towers in five Australian capital cities.

Reco Weather Private Limited, a sovereign wealth enterprise of Singapore’s GIC Private Limited, acquired 49.9% stake in the Wee Hur PBSA Master Trust which held the student housing assets for A$ 567,862,000 (gross purchase price). Wee Hur will retain the remaining 50.1% stake. The estimated consideration in cash shall be A$ 275,198,500, being the 49.9% of the equity value of A$ 551,500,000 of the Master Trust.

Operating Portfolio Properties
UniLodge Park Central Property (Brisbane), 8 Gillingham Street, Woolloongabba QLD 4102
UniLodge City Gardens Property (Adelaide), 105 Gray Street, Adelaide SA 5000
Y Suites on Waymouth Property (Adelaide), 124 Waymouth Street, Adelaide SA 5000

Development Portfolio Properties
Gibbons Street Property (Sydney), 13-23 Gibbons Street, Redfern NSW 2016
Regent Street Property (Sydney), 90 Regent Street and 92-102 Regent Street, Redfern NSW 2016
A’Beckett Street Property (Melbourne), 183-189 A’Beckett Street, Melbourne VIC 3000
Moore Street Property (Canberra), 7-9 Moore Street, Canberra ACT 2061

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