Wee Hur sets up fund for new Adelaide student housing project

It is seeking a special tax status in Australia by becoming a 'managed investment trust.’

Wee Hur Holdings has established Wee Hur PBSA Fund III A (WHF3A) for the new purpose-built student accommodation (PBSA) development at Grenfell Street, Adelaide.

The total amount agreed to be paid by the holders of the fund in respect of the sponsor is no less than $10.6m (AUD12.6m).

WHF3A is seeking a special tax status in Australia by becoming a 'managed investment trust' through a private placement.

Additionally, Wee Hur has announced that it has proposed the disposal of its stake in the Grenfell Property in preparation for it to be developed into a PBSA.

Wee Hur currently holds an 80% interest in the property, and following the disposal, will retain an indirect 20% stake.

The consideration for the disposal to be received by Wee Hur is $14.23m, and the estimated gain on the disposal is about $4.7m.

($1=AUD1.18)

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