Singapore's GIC to buy 20% stake in Turkey real estate firm
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[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.
REUTERS
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