An affiliate company of GIC has bought a half share of an Australian student housing portfolio from Wee Hur for A$568m (€384m).

Listed Singaporean developer Wee Hur said Reco Weather Private is buying the 49.9% stake in the Wee Hur PBSA Master Trust which held the student housing assets. Wee Hur will retain the remaining 50.1% stake.

The company said the valuation of the transaction was 2.8 times the current value of the assets on Wee Hur’s books.

The Wee Hur PBSA Master Trust was created in 2016 to undertake development of purpose-built student accommodation (PBSA) in Australia, seeking to establish a portfolio of up to 5,000 beds in major cities in Australia.

Today, the portfolio comprises 5,662 beds across seven towers in five Australian capital cities.

Ree Hur’s executive chairman, Goh Yeow Lian, said: “We are extremely pleased to have done a recapitalisation of our first Australia-focussed PBSA fund, providing exit certainty for our investors within the fund term.”

He said proceeds from the partial recycle of capital would provide a “war chest” for the group should further investment opportunities arise.

The deal – which is subject to a number of conditions – is expected to be completed over a number of settlement stages, the last being by 31 December 2025.

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