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GIC acquires 25% stake in Dutch boutique hotel chain citizenM
SINGAPORE sovereign wealth fund GIC announced on Wednesday that it has acquired a 25 per cent equity interest in Netherlands-based boutique hotel chain citizenM.
The stake brings citizenM's enterprise value to two billion euros (S$3.1 billion), but GIC declined to give the exact figure of the investment.
Lee Kok Sun, chief investment officer of GIC Real Estate, said citizenM represents an "attractive value proposition of affordable luxury in urban markets" and is "well-received by consumers who are increasingly placing value in experience and authenticity".
He added: "As a long-term global investor, we believe this is a good addition to our overall portfolio of quality assets, and look forward to partnering the citizenM management team to further add value to citizenM as they expand globally."
Rattan Chadha, founder and executive chairman of citizenM hotels, said GIC's investment will help strengthen the company's position in the industry.
He said: "With our bold expansion plans for the coming years, we are thrilled to have the financial support of investors who trust our vision and are instrumental in securing our future success."