GIC buys 30% of Spanish property group

[SINGAPORE] Singapore sovereign wealth fund GIC will acquire about 30 per cent of Spanish real estate group Gmp. The company said on Wednesday that it would invest more than 200 million euros (S$321.6 million) to enable its affiliate, Gmp, to "strengthen its position as a major investor in the office and business park segment in Madrid and Barcelona".

Chris Morrish, regional head of Europe, GIC Real Estate, said: "As a long-term value investor, this is a good opportunity for GIC to gain access to a large and diversified office portfolio in Madrid and leverage on Gmp's local expertise to grow our exposure."

Said Gmp chief executive officer Francisco Montoro: "The funds will be used to foster growth through new investments, refurbishment and development projects. These will strengthen Gmp's position as a specialised office property owner."