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Singapore's GIC to buy 20% stake in Turkey real estate firm
[SINGAPORE] Singapore's sovereign wealth fund GIC will buy a stake of 20 per cent in a Turkish real estate company, Rönesans Gayrimenkul Yatirim AS for 250 million euros, the two firms said in a statement.
The pact takes the form of a primary rights issue and GIC's injection will fund acquisitions and development of new projects in Turkey.
The transaction is expected to be completed in the fourth quarter of this year.