Mingtiandi

Asia Pacific real estate investment news and information

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Remember Me

Lost your password?

Register Now

Loading...
  • Capital Markets
  • Events
    • Mingtiandi 2025 Event Calendar
    • Mingtiandi APAC Residential Forum 2025
    • Mingtiandi Singapore Forum 2025
    • Mingtiandi APAC Logistics Forum 2025
    • Mingtiandi APAC Data Centre Forum 2025
    • Mingtiandi Tokyo Forum 2025
    • More Events
  • MTD TV
    • Residential
    • Logistics
    • Data Centre
    • Office
    • Singapore
    • Tokyo
    • Hong Kong
    • All Videos
    • Post-Event Stories
  • People
    • Industry Moves
    • MTD TV Speakers
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Greystar Agrees to Buy GIC-Wee Hur Aussie Student Housing for Over $1B

2024/12/16 by Michael Cole Leave a Comment

Unilodge Park Central, Brisbane

Wee Hur’s Unilodge Park Central in Brisbane is the biggest property in its seven-asset portfolio

US multi-family giant Greystar has agreed to buy seven Australian student housing properties from a joint venture between Singaporean developer Wee Hur Holding and sovereign fund GIC for A$1.6 billion ($1.01 billion), confirming earlier reporting by Mingtiandi.

The acquisition of the 5,662-bed portfolio marks Greystar’s entry into Australia’s purpose-built student accommodation (PBSA)  market and it’s largest acquisition in Asia Pacific to date, with the company pointing to the strength of the student housing market Down Under as sparking the deal.

“Australia’s student housing sector is experiencing strong demand, driven by its world-class education institutions, a growing international student population, and an undersupply of institutional-quality housing,” said Greystar executive director of investment management for Asia Pacific Adam Pillay,

Greystar sees the properties in Sydney, Melbourne, Brisbane, Adelaide, and Canberra bringing together a student housing portfolio already established in the company’s other regions as the sector expands in developed markets worldwide.

“It (the acquisition) represents the final step in rounding out our Global Student Accommodation footprint that comprises over 110,000 beds across North America and Europe prior to the transaction,” Pillay added. The deal expands Greystar’s assets under management in the region by a third to $4 billion across Australia, Japan and China, he noted.

Global Unity

Following completion of the acquisition, which is expected to take place within six months and requires Greystar obtaining approval from Australia’s Foreign Investment Review Board, according to a statement by Wee Hur, the South Carolina-based firm expects to upgrade the properties to add value.

Adam Pillay, Greystar

Greystar executive director of investment management for Asia Pacific Adam Pillay

Greystar plans to bring the portfolio under similar branding and design architecture as its  European and US properties and sees opportunities for asset enhancements, “which will enhance the overall amenity and service offerings for the residents in line with our brand strategy,” Pillay said.

Pointing to similarities in the resident demographics underlying its UK and Australian PBSA properties, Greystar said it will look to leverage its operational capabilities to improve the offering for residents in the portfolio in the near term.

With the company having last month opened Australia’s largest built-to-rent property, an A$500 million, 700-unit development in Melbourne, Greystar sees opportunities to further expand its student housing investments in the country.

“We are excited to broaden our footprint in Australia, and will continue to be active players in acquiring and developing PBSA properties across the key university markets,” Pillay said.

Wee Hur Stays In, Branches Out

Under the terms of the deal, which was signed on 15 December, Wee Hur will retain a 13 percent equity interest in the new ownership, and will receive net proceeds of S$320 million ($237 million), following adjustments, the SGX-listed company said in its statement.

Goh Wee Ping

Wee Hur Capital CEO Goh Wee Ping

The deal involves the 100 percent sale of all property sub-trusts by the joint venture holding the portfolio in which GIC holds a 49 percent stake. The sovereign fund had yet to respond to inquiries from Mingtiandi by the time of publication.

“This divestment highlights Wee Hur Capital’s exceptional ability to execute its strategic vision and deliver superior returns for its investors, regardless of market conditions,” Wee Hur Capital chief executive Goh Wee Ping said in a statement. He added that, “We look forward to a new partnership with Greystar and its co-investors.”

Having begun assembling the student housing portfolio in 2015, Wee Hur says it will reinvest the proceeds of the sale in its core business as well as to expand into alternative investment and other new areas.

“With consecutive successes in the PBSA business, Wee Hur continues to leverage its honed expertise to identify and seize opportunities in this sector,” the company said. “This proven track record highlights the Group’s ability to adapt strategically, maximise value, and capitalise on market trends within a rapidly evolving real estate landscape.”

Among the areas targetted for new investments are Wee Hur’s KK39 venture capital, private equity and private credit unit as the company looks to diversify its portfolio.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: Adam Pillay, Australia, daily-sp, Featured, GIC, Greystar, Student Housing, Wee Hur, weekly-sp

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

  • This field is for validation purposes and should be left unchanged.

MTD TV

China’s Push for Greener Data Centres Cools a Red-Hot Sector: MTD TV
Aussie shed thumbnail
Charter Hall, LogiSpace, Barings, Hale See Aussie Sheds on the Rise: MTD TV

More MTD TV Videos>>

People in the News

Hao Zhan_Head of Asia_Private Wealth Solutions_Hines
Asia Real Estate People in the News 2025-08-11
Karim ghannam HSBC AM
HSBC AM Names Karim Ghannam Global Head of Real Assets
Robert Ng Sino Group
Sino Group’s Robert Ng Steps Down as Son Takes Over Chairman Roles
Amit Shetty Embassy Office Parks
Asia Real Estate People in the News 2025-08-04

More Industry Professionals>>

Latest Stories

URA chief executive officer Lim Eng Hwee
Singapore Home Sales Hit Five-Month High as Buyers Shrug Off Cooling Measures
Liam Wee Sin, Group Chief Executive of UOL
Singapore’s UOL Enters UK Student Housing Market With $59M Brighton Buy
Craig Scroggie
Australia’s NextDC Data Centres Raises $850M and More Asia Real Estate Headlines

Sponsored Features

Fiona Ngan, Colliers Hong Kong
In a Market of Caution, Tenants Have The Upper Hand in Hong Kong’s Office Sector
How to Create a Win-Win for Investors and Occupiers
Lingeage Logistics Cold Storage Complex
Mount Maunganui Cold Storage Facility for Sale

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Mingtiandi 2025 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Memberships
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2025 China Advertising Media Ltd (Samoa). All rights reserved.

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy.