Wee Hur (SGX:E3B) agreed to sell seven purpose-built student accommodation assets to Australia's Graystar, according to a filing with the Singapore Exchange on Monday.
The portfolio, which includes 5,500 beds across Australia, will be sold for a purchase consideration of around A$1.6 billion.
The consideration will be satisfied through cash and endorsement of a promissory note in favor of the vendor, Perpetual Corporate Trust.
Following the sale, Wee Hur will retain a 13% stake in the assets through its subsidiary, Wee Hur Australia.
Proceeds will be used for new investment opportunities and general working capital purposes.
Shares of the company surged nearly 13% in recent trading.
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