GIC buys 25% of French property firm

Singapore

SINGAPORE sovereign wealth fund GIC said on Thursday that its affiliate has bought a 25 per cent stake in CeGeREAL at 35.65 euros per share from Northwood Investors, a privately held global real estate investment and management firm.

The transaction values the French property management firm at 476.73 million euros (S$732.7 million) based on the total number of shares at the end of 2015. After the sale, Northwood's entities will hold in concert 57.48 per cent of CeGeREAL.