WEE Hur Holdings announced on Friday that its purpose-built student accommodation business trust in Australia has, through its wholly-owned-sub-trust, acquired properties there for a total consideration of A$46 million .
The acquisitions are are in line with the group's strategy to venture into Australian-focused PBSA with the aim of collecting passive recurring rental income, it said in a regulatory update. Its PBSA business trust, Wee Hur PBSA Master Trust, was established by the company to manage its PBSA business in Australia, and it has a 60 per cent interest in it. The acquisitions were made in two transactions through the Master Trust's sub-trust, WH Regent Trust.
The first acquisition was made by The Trust Company , in its capacity of a trustee of the sub-trust for units in Regent Street, Redfern, in Sydney for a total consideration of A$36 million from an unrelated and independent party. The Trust Company also entered into a contract for the sale and purchase with The Council of City of Sydney for the acquisition of a property at 90 Regent Street, Redfern, Sydney, for a total consideration of A$10 million.