GIC buys stake in French property company
Singapore-based sovereign wealth fund GIC has agreed to acquire a 25 percent stake in CeGeREAL, a French property management firm, for €35.65 ($40.58) per share. The purchase from Northwood Investors values CeGeREAL at €476.73 million ($542.71 million).
Following the completion of the transaction, which is expected to occur in the following days, Northwood entities will hold 57.48 percent of CeGeREAL.
GIC continues to be active internationally. In India, GIC purchased a 50 percent stake in a shopping mall for $146.4 million. The seller, Sheth Developer, will retain the remaining stake. And with its partner, Bangalore-based real estate developer Brigade Group, the sovereign wealth fund acquired another asset in India, a 16-acre property in the commercial corridor of Perungudi, from Kansai Nerolac Paints.
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