GIC Real Estate, the property arm of the Government of Singapore Investment Corp, is planning global roadshows late next month for an initial public offering (IPO) of its overseas assets worth around US$3 billion ($4.06 billion), Dow Jones Newswires reported yesterday citing unnamed sources. The sources said GIC would launch the IPO at the end of the third quarter or early in the fourth quarter. Nomura...
GIC Real Estate
The Government of Singapore Investment Corporation could be looking to list the logistics business of its real estate arm by as early as the fourth quarter of this year. A Reuters report said the sovereign wealth fund is seeking to raise at least S$1 billion in the initial public offering. This could make it the biggest IPO on the Singapore market since CapitaMalls Asia's listing last year. The report...
Mainboard-listed Yanlord Land Group is tying up with an affiliate of GIC Real Estate to develop and manage properties in China. Yanlord and Reco Yizhong have set up a subsidiary for this purpose with a registered capital of US$300 million ($416 million). The subsidiary, named Yanlord Real Estate (Chengdu), will manage the prime residential development site in Panchenggang, Jinjiang District, Chengdu. The...
The Government of Singapore Investment Corporation (GIC) has agreed to acquire a 5 per cent stake in the proposed real estate investment trust of the Malaysian developer, Sunway City. Sunway City said it has entered into a cornerstone agreement with GIC for the sale of 134 million units of the REIT. In its stock exchange filing, Sunway City said GIC will buy the units at 98 Malaysian sen per unit or at...
The real estate arm of the Government of Singapore Investment Corp may list its logistics business in an initial public offering, according to reports. The listing, possibly in Singapore, will reportedly involve GIC Real Estate's Japanese assets, including ProLogis Holdings, which provides distribution facilities. The IPO is estimated to be valued at between US$500 million and US$1 billion and could take...
The Government of Singapore Investment Corp (GIC) has increased its investment in an Australian property firm. Media reports in Australia say GIC has increased its stake in GPT to between 12 and 18 per cent after pumping in an additional A$250 million to A$300 million. GPT is one of Australia's largest diversified listed property groups with prime retail and office assets across Australia. It also has a...
GIC Real Estate has formed a joint venture with New York Stock Exchange-listed Host Hotels & Resorts to explore investment opportunities in Asia and Australia. The partners have agreed to invest a maximum of US$600 million of equity in the joint venture. Combined with the anticipated leverage, they will have a potential investment war chest of up to US$2 billion. GIC will own 75 percent of the joint...
Singapore's sovereign wealth fund has bought the Westin Tokyo hotel from Morgan Stanley and US-based Starwood Capital, the firms said Tuesday, in a deal reportedly worth about US$715 million. The 438-room hotel in Tokyo's Ebisu district will continue to be operated by Starwood Hotels and Resorts under the Westin brand, a joint statement said. The companies gave no financial terms for the purchase by GIC...
GIC Real Estate has bought a 40 per cent stake in Finland’s fifth largest modern shopping centre, Iso Omena, for 132 million euros or about S$270 million. The seller, Citycon, will continue to own the remaining 60 per cent of the mall. Citycon will also continue to manage the shopping centre in Helsinki. Iso Omena has a total lettable area of over 61,000 square metres. Both Citycon and GIC RE have...
GIC Real Estate has teamed up with ING Real Estate to acquire the new Roma Est Shopping Centre in Italy. The partners will pay Italian food-retailing leader Gruppo 400 million euros (S$832 million) for the deal. ING Real Estate and GIC Real Estate will have equal stakes in the property. Roma Est Shopping Centre comprises about 93,000 square metres of gross lettable area. It is made up of a mall of 208...