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SINGAPORE (July 7): Developer Wee Hur has set up a trust to fund to build 5,000 student accommodation beds in Australia’s major cities, starting with Brisbane and Adelaide.
In a Singapore Exchange filing on Thursday night, Wee Hur said subsidiary Wee Hur Master Trust, would acquire land in Australia that “the company identifies to be suitable for development into purpose-built student accommodation”.
Wee Hur is also planning to undertake a private placement exercise to meet the criteria of a managed investment trust in the continent.
The trust will issue units and junior bonds to investors with a minimum committed capital of A$1.75 million (S$1.83 million or ), comprising 5,000 units at A$1 and 1,745 junior bonds at A$1,000.
Wee Hur will retain 92.85% of the master trust. Four directors of Wee Hur have entered into the trust, through special purpose vehicles. The company ultimately aims to retain 60% of the trust.
Wee Hur has also transferred its flagship development site for 1,500 student rooms in Buranda, Brisbane, into the master trust. Wee Hur has built about 40% of its first stage of the Brisbane Buranda UniLodge@Park Central, which will ultimately comprise 1,578 student rooms, 12 office tenancies for shops and restaurants and a podium level.
Shares in Wee Hur were trading at 24 Singaporean cents at mid-morning trading break today. — theedgemarkets.com.sg
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