Singapore's sovereign wealth fund said it had signed a deal to buy a logistics real estate portfolio from funds managed by private-equity firm Apollo Global Management's affiliates for about €950 million (US$1 billion). The portfolio comprises 28 logistics assets across Europe, including in Germany, Poland, Slovakia, Netherlands, Belgium and Austria, GIC said in a statement on Friday (Dec 13). It...
GIC
Singapore’s sovereign wealth fund GIC has set up a €300 million (S$447 million) partnership with Exeter Property Group. The partnership aims to invest in logistics properties in Europe, which offer easy access to motorways, water ports, airports and rail nodes. Exeter is a specialist in logistics, light industrial and business park properties. The company said it will use its skills to acquire and...
GIC has acquired the office component of Pacific Century Place Marunouchi in Tokyo, Singapore's sovereign wealth fund announced in a press release on Tuesday (Oct 21). While GIC did not announce the cost, Reuters had earlier quoted sources as saying that the office tower was valued in the region of ¥170 billion (S$2 billion). The 32-storey mixed-use development was acquired through a GIC affiliate,...
The Government of Singapore Investment Corp (GIC) is set to acquire a group of resorts owned by hedge fund Paulson & Co for the sum of US$1.5 billion (S$1.8 billion) after no competing bidders emerged for the bankrupt properties. An auction for the properties was cancelled after no other bids were received, leaving GIC as the successful bidder, according to a filing yesterday in the United States...
The Government of Singapore Investment Corp (GIC) is seeking to sell an office building in Seoul with an estimated value of up to 1.1 trillion won ($1.3 billion), South Korea's Maeil Business Newspaper reported in its Wednesday edition. The GIC bought the Seoul Finance Center for 355 billion won in 2000, breaking ground for Korea property investment as an institutional investor. The 30-storey building...
The Government of Singapore Investment Corp (GIC) and a Canadian pension fund could reportedly make a bid for Bluewater, a British mall. The Sunday Telegraph reported that GIC, the Canada Pension Plan Investment Board and the property arm of Ontario Municipal Employees Retirement System were all expected to table a bid within the next two weeks. The stake is estimated to be worth 120 million pounds, the...
The Government of Singapore Investment Corporation (GIC) may sell just a minority stake in the listing of Global Logistic Properties (GLP) that is expected to raise a record US$3 billion ($4.01 billion). According to a Reuters report yesterday that cited unnamed sources, GIC may offer shares of its logistics unit at 1.3 to 1.4 times book value in its initial public offering. GLP develops and manages...
Sovereign wealth fund Government of Singapore Investment Corp (GIC) is expected to list its logistics unit on the Singapore Exchange on October 15. The initial public offering (IPO) of Global Logistic Properties (GLP) aims to raise up to US$3 billion in what could be Singapore's biggest IPO. If successful, the IPO would be bigger than SingTel's S$4 billion (US$2.9 billion) listing in 1993, and dwarf...
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 US sub-prime crisis has begun to hurt Asian property markets, the real estate investment arm of the Government of Singapore Investment Corporation (GIC) said at the FT Asia Property Summit on Thursday. While Wall Street starts picking up the pieces from the sub-prime crisis, GIC said, the Asian property market has just started to feel the impact. The investor added the fallout would be even greater...