The Firm advised Wee Hur Holdings Limited, a SGX-mainboard listed company on the establishment, fund management, licensing regulatory and compliance matters including the offer of units in a private wholesale property unit trust fund of approximately A$66 million (“Wee Hur PBSA Fund III A”) that will acquire the Group’s 9th PBSA asset in Adelaide comprising 708 beds (“Grenfell Property”) from a joint venture currently held by the Company and its interested persons. Following the initial partial disposal and then subsequent acquisition, the Company will retain an indirect 20% stake in the Grenfell Property, with the remaining interests to be held by third party investors and interested persons. The offer was made pursuant to a safe harbour exemption under the Securities and Futures Act from prospectus requirements and for meeting the criteria of being a managed investment trust in Australia so as to be eligible for certain tax concessions. Development works commenced in June 2025 with targeted completion in 2027. As part of the project the Group will provide fund management services, development management and project management services to the trust group.
The Harry Elias team was involved in advising Wee Hur Holdings on all corporate regulatory and compliance matters relating to the transaction, as well as the negotiation and drafting of fund transaction documents governed by Singapore law. The team was also involved in the prior real estate funds established by Wee Hur. Partner Claudia Teo led the transaction, ably assisted by Partners Huang Zhihao (in charge of regulation), Tan Tien Wei (in charge of fund matters) and Senior Associates, Kong Zhen Yong and Eugene Tai.