http://www.channelnewsasia.com/news/singapore/gic-to-invest-s-403m-in/1444154.html
The investment will be in the form of a primary rights issue, whereby GIC will inject funds into RGY to help finance acquisitions and the development of new projects in Turkey.
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SINGAPORE: Singapore sovereign wealth fund GIC plans to invest €250 million (S$403 million) to get an over 20 per cent stake in Ronesans Gayrimenkul Yatirim (RGY), the Turkish real estate firm said on Thursday (Oct 30).
The investment will be in the form of a primary rights issue, whereby GIC will inject funds into RGY to help finance acquisitions and the development of new projects in Turkey. The transaction is expected to be completed in the fourth quarter of this year, subject to regulatory approvals.
"As a long-term investor, we are confident that Turkey will continue to grow and present good investment opportunities," Chris Morrish, regional head of GIC Real Estate for Europe, said in a statement.
Since 2012, RGY and GIC have formed 50-50 joint ventures in shopping centres Optimum Istanbul, Optimum Ankara and Optimum Izmir, the Singapore sovereign wealth fund added.
RGY focuses on commercial real estate investments that generate stable and long-term rental income, such as shopping malls and office buildings. It has 25 properties in its portfolio, including 12 that are income-generating. Another eight properties are under development while the other five are held as land bank.
GIC, which was established in 1981, has well over US$100 billion (S$127 billion) in assets under management.
- CNA/ac
The investment will be in the form of a primary rights issue, whereby GIC will inject funds into RGY to help finance acquisitions and the development of new projects in Turkey.
<!-- /tab-gallery-area -->
SINGAPORE: Singapore sovereign wealth fund GIC plans to invest €250 million (S$403 million) to get an over 20 per cent stake in Ronesans Gayrimenkul Yatirim (RGY), the Turkish real estate firm said on Thursday (Oct 30).
The investment will be in the form of a primary rights issue, whereby GIC will inject funds into RGY to help finance acquisitions and the development of new projects in Turkey. The transaction is expected to be completed in the fourth quarter of this year, subject to regulatory approvals.
"As a long-term investor, we are confident that Turkey will continue to grow and present good investment opportunities," Chris Morrish, regional head of GIC Real Estate for Europe, said in a statement.
Since 2012, RGY and GIC have formed 50-50 joint ventures in shopping centres Optimum Istanbul, Optimum Ankara and Optimum Izmir, the Singapore sovereign wealth fund added.
RGY focuses on commercial real estate investments that generate stable and long-term rental income, such as shopping malls and office buildings. It has 25 properties in its portfolio, including 12 that are income-generating. Another eight properties are under development while the other five are held as land bank.
GIC, which was established in 1981, has well over US$100 billion (S$127 billion) in assets under management.
- CNA/ac
