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Johnson Winter & Slattery has advised SGX listed Wee Hur Group on its acquisition of a $46.1 million site in Sydney's Redfern, following its recent acquisition in Canberra.
Announced this week, the Singapore-based group has purchased a 1366 sq m site at 104-116 Regent Street, Redfern, which it plans to develop into university accommodation. The development will include a student housing complex with 384 beds and 200 sq m of ground-floor shops.
The site was acquired from BP Australia and was identified and negotiated by Wee Hur's investment manager, Sydney-based Intergen Property Group.
Wee Hur already owns two properties adjoining the site, which are also being developed for student housing to deliver a total of 1300 beds across the three sites.
This transaction follows closely on the heels of Wee Hur’s $20.6 million acquisition of a Civic site in Canberra, which Johnson Winter & Slattery also advised on. This site at 7-9 Moore Street will be demolished and developed into a 16-storey building providing university accommodation for more than 700 students.
The Johnson Winter & Slattery team was led by Partner Peter Trevaskis, who worked with Senior Associate Stephanie Chun and Associate Rita Bradshaw. Partner Samantha Daly advised on the environment and planning aspects of the transaction, while Partner Prashanthe Kainthaje advised on tax and structuring.
Peter Trevaskis said the firm was proud to have supported Wee Hur on these two investments.
“Wee Hur has continued to actively invest in student accommodation in Australia’s major cities, despite the current downturn caused by the COVID-19 pandemic. On the back of these two transactions, the company will be well positioned to capitalise on the revival of this sector when international travel and the economy return to pre-COVID levels. We are delighted to have played a role in helping Wee Hur secure these two sites.”
About Johnson Winter & Slattery
Johnson Winter & Slattery is an independent national Australian law firm with over 65 partners and offices across Australia. We advise major Australian and international corporations and investment funds on their most challenging transactions and disputes across Australia and surrounding regions. Working closely with clients, knowing their business, and appreciating their commercial objectives, we tailor our approach to deliver cost-effective commercial outcomes.
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