Advised Wee Hur Holdings Ltd. (“WHH”) and its wholly-owned fund management arm, Wee Hur Capital Pte. Ltd. (“Manager”), in relation to the strategic divestment by WHH of a 9.9% stake in the Wee Hur PBSA Master Trust (“WHPMT”)
The corporate practice group of Harry Elias Partnership LLP has advised SGX-ST Mainboard-listed integrated developer Wee Hur Holdings Ltd. (“WHH”) and its wholly-owned fund management arm, Wee Hur Capital Pte. Ltd. (“Manager”), in relation to the strategic divestment by WHH of a 9.9% stake in the Wee Hur PBSA Master Trust (“WHPMT”), its Australian-focused Purpose Built Student Accommodation (“PBSA”) fund, to a Singapore-based investment holding company backed by a global institutional investor (“Purchaser”). Together with other unitholders who will be divesting of their 40% stake in WHPMT, a combined 49.9% stake in WHPMT will be acquired by the Purchaser for a gross purchase price of approximately A$567 million. The transaction values the entire portfolio of WHPMT at circa A$1.14 billion. Post completion, WHH will continue to hold 50.1% of WHPMT with the Purchaser holding the remaining 49.9% stake.
The Harry Elias team, together with MinterEllison as Australian counsel, was involved in the recapitalisation of the debt instruments prior to the acquisition for an optimal exit, the acquisition and legal due diligence process, and the negotiation of the transaction documents which involved seven portfolios of PBSA development and operating assets located across various major cities in Australia. The transaction also saw the launch of the Wee Hur’s own PBSA hospitality brand, Y Suites. Partners Claudia Teo and Derick Ting led the transaction, ably assisted by Tan Tien Wei (Of Counsel) and Kong Zhen Yong (Associate).
For more information, please contact our Business Development Manager, Ricky Soetikno, at [email protected].