Majority of Wee Hur Holdings ’ shareholders have voted in favour for the sale of its seven purpose-build student accommodation (PBSA) in Australia in its extraordinary general meeting (EGM) held on Feb 28, according to a bourse filing on March 10.
About 99.93% of all shareholders voted for the proposed disposal, while 0.07% voted against.
The group first proposed to sell its Australian PBSA segment to GS Australia Student Venture I Mid Trust for a net consideration of A$355 million ($319.8 million) on Dec 16, 2024.
GS Australia Student Venture I Mid Trust is a unit trust wholly owned by the GS Head Trust, controlled by affiliates within the global real estate organisation Greystar Real Estate Partners (GREP).
Following the EGM vote, Wee Hur’s stake in the segment will reduce from 50.1% to 13%. Reco Weather, a company incorporated in Singapore and is under GIC Group, currently holds 49.9% of the sales units.
Post completion, 87% of the sales units will be indirectly held by the GS Tropics Trust. GS Tropics Trust is owned by a consortium of investors.
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Wee Hur says that the decision to retain a 13% stake reflects its "positive outlook” for this asset class. Wee Hur’s PBSA segment has 5,662 beds across five Australian cities.
The group says that the net proceeds will go towards its strategic growth, support its reinvestment in core business, and expansion into new areas such as alternative investments.
Shares in Wee Hur Holdings closed 1.5 cents higher or 3.488% up at 44.5 cents on March 10.
