The corporate practice group of Harry Elias Partnership LLP has advised SGX-ST Mainboard-listed integrated developer Wee Hur Holdings Ltd. (“WHH”), in relation to the strategic divestment by WHH of an indirect 37.1% stake in the units in each of WH Buranda Trust, WH Gray Street Trust, WH Waymouth Trust, WH Abeckett Trust, WH Gibbons Trust, WH Regent Trust and WH Moore Trust (each a “Target Group Trust” and collectively, the “Target Group Trusts” or the “WH PBSA Portfolio”), a series of Australian sub-trusts operating Purpose Built Student Accommodation (“PBSA”) properties across major cities in Australia, to a consortium of investors affiliated with a leading global real estate organization (“Purchaser”). Together with another unitholder who will be divesting of its indirect 49.9% stake in the WH PBSA Portfolio, a combined 87% stake in the WH PBSA Portfolio will be acquired by the Purchaser for a headline price of approximately A$1.6 billion.
The WH PBSA Portfolio spans over 5,500 beds across Brisbane, Melbourne, Sydney, Adelaide, and Canberra, making it one of the largest privately held portfolios in the sector. This transaction reflects WHH’s resilience in navigating complex market conditions, including the challenges posed by COVID-19 and greenfield developments, while delivering strong returns and maximising shareholder value. It also marks a significant milestone in WHH’s long-term strategy, supporting its ongoing efforts to diversify its portfolio and position the Group for sustainable growth across multiple sectors.
As the headline price represents a substantial uplift in the value of the PBSA properties held under the Target Group Trusts over the years, the transaction allows WHH to substantially realize part of its investment in the WH PBSA Portfolio. Post completion, WHH will continue to hold an indirect 13% stake in the WH PBSA Portfolio, with the Purchaser holding the remaining 87% stake.
The Harry Elias team was involved in advising WHH on all corporate regulatory and compliance matters relating to the transaction, as well as the negotiation and drafting of ancillary transaction documents governed by Singapore law. Following WHH’s execution of the transaction documents, the Harry Elias team will prepare a circular for submission to Singapore Exchange Regulation (“SGX RegCo”) to set out the details of the transaction and convene a general meeting to obtain shareholders’ approval for the divestment, as required under the Mainboard Listing Rules. Partner Claudia Teo led the transaction, ably assisted by Huang Zhihao (Of Counsel), Tan Tien Wei (Of Counsel), Kong Zhen Yong (Senior Associate), and Eugene Tai (Associate).