Wee Hur Holdings, a Singapore-based real estate investment management firm, said on Monday that it will sell its student accommodation portfolio to real estate asset manager Greystar for a gross price of A$1.6 billion ($1.02 billion).
Under the agreement, Wee Hur will retain an indirect stake in the portfolio via its Australian unit through a 13% equity interest in Greystar.
The portfolio comprises of seven student accommodation assets spanning more than 5,500 beds across key Australian cities, the company said.
Wee Hur said it will receive around S$320 million ($237.1 million) in net proceeds from the sale.
The transaction is expected to be completed in the next six months, the company added.
Reuters
