GIC takes 20% stake in Turkish property firm
Singapore
SINGAPORE sovereign wealth fund GIC will inject 250 million euros (S$405 million) to acquire a strategic stake in Turkey's leading commercial real estate developer Ronesans Gayrimenkul Yatirim (RGY), both firms said on Thursday. GIC will acquire "above 20 per cent shareholding in RGY" by subscribing to a rights issue, allowing it to become a "substantial minority" investor and strategic partner.
"The new capital will reinforce RGY's foothold as a leader in Turkish commercial real estate market and allow for future expansion of its business," the statement said. RGY will use the proceeds of GIC's investment to develop new and existing projects. The transaction is expected to be completed later this year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender
US mortgage rates up for fifth week at 7.22%
Amsterdam parking space up for grabs for half-a-million euros