GIC to pay £48.5m for 50% stake in UK lifestyle complex
Fund already has stake in the development via JV with seller Hammerson
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Singapore
SINGAPORE sovereign wealth fund GIC will pay close to US$60 million for a 50 per cent stake in a leisure and dining development in Britain, a joint statement said on Friday.
GIC, one of the world's top 10 state investment funds, will pay British property firm Hammerson £48.5 million (US$59.6 million or S$86.2 million) for a larger stake in the newly opened Watermark development in Southampton, the statement said.
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