SINGAPORE (June 26): Construction company Wee Hur announced that it has acquired two properties in Sydney, Australia, for a total consideration of A$46 million (S$44.0 million).
The acquisition was made by Wee Hur’s 68.97%-owned Wee Hur PBSA Master Trust, through its wholly-owned sub-trust, WH Regent Trust on Friday.
Wee Hur PBSA Master Trust was established by Wee Hur for the purpose of undertaking the company’s purpose-built student accommodation portfolio (PBSA) in Australia.
The newly-acquired properties come with a total area of 1,287 square metres, and comprise a mix of ground-floor retail units and upper floor residential strata units.
Wee Hur intends to develop the properties into a PBSA with about 459 beds.
Shares in Wee Hur closed 1.3 cents higher, or 7.3% up, at 19 cents on Friday.
