Realty developer Wee Hur is expanding its student accommodation footprint in Australia while Natural Cool has purchased the lease of a property. Also, Chinese co-working space provider URWork has expanded to Singapore.
Wee Hur to establish student accommodation footprint in Australia
Property developer Wee Hur has established the Wee Hur Master Trust to fund and build 5,000 student accommodation beds in Australia’s major cities. It will initially set up presence in Brisbane and Adelaide.
In an SGX filing, the company said, Wee Hur Master Trust would acquire land in Australia identified as “suitable for development into purpose-built student accommodation”, and will undertake a private placement exercise to meet the criteria of a managed investment trust in the continent.
Wee Hur will retain 92.85 per cent of the master trust. Four directors of Wee Hur have entered into the trust through special purpose vehicles. In the long run, Wee Hur aims to retain 60 per cent of the trust.
In addition, it has transferred its flagship development site for 1,500 student rooms in Buranda, Brisbane into the master trust.
Natural Cool to purchase leasehold interest in Defu Lane property
Natural Cool Holdings is set to purchase the remaining leasehold interest in a 6-storey light industrial building at 87 Defu Lane 10 from ESR-REIT for $17.5 million.
The property has a gross floor area of approximately 109,920 sq ft, with a remaining land tenure of 33 years. According to ESR-REIT, the sale proceeds will repay debt, fund acquisitions and be used for working capital purposes.
According to Natural Cool, the purchase is in preparation for additional office and warehouse for its future business expansion plans.
UrWork raises $29.4m Series C, expands to Singapore
UrWork, a major co-working space providers in China, has raised $29.4 million in Series C funding from Beijing Love & Health Group (also known as Beijing Aikang), a major investor in health and hospitality sector.
This will see them co-develop a novel co-working model that is set to launch in H1 2018. UrWork provides startups, SMEs and corporate tenants with on-demand, short-term leasing and custom space solutions.
In an official statement, Dr. Mao Daqing, Founder and CEO of UrWork, said, “This new fund injection will help further strengthen our core verticals and diversify our investor portfolio.”
This follows a $58.8 million Series B investment from China’s Star Group, which supplied table tennis equipment and is an incubator for professional snooker pool players in China. The post-money valuation of UrWork following the round was $1.3 billion.
June 2017 saw it establish its first overseas location at JTC launchpad in Singapore in tripartite partnership with IE Singapore and CapitaLand. It is set to open another 150 locations across 32 cities worldwide including Los Angeles, New York and London over the next three years.