Wee Hur shareholders vote for PBSA business disposal for $319m

The company’s stake in the property will be reduced from 50.1% to 13%.

Wee Hur Holdings’ stakeholders have voted to dispose of the purpose-built student accommodation (PBSA) business in Australia for $319.8m (A$355m).

According to a bourse filing, the purchaser is GS Australia Student Venture I Mid Trust, a unit trust wholly owned by the GS Head Trust.

About 99.93% of stakeholders voted in favour, whilst only 0.07% opposed.

The company’s stake will be reduced to 13% from 50.1%, and the GS Tropics Trust will indirectly hold the remaining 87% of the sale units.

Wee Hur said that the decision to retain a 13% stake reflects their positive outlook for this asset class.

Currently, Reco Weather holds 49.9% of the sales units.

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