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
Luxury private home rents jump in Q1 amid wider market slump: Huttons Asia
Evictions surge in Arizona with housing shortage and rising prices
China property shares firm after Politburo highlights clearing inventory
Dubai billionaire’s children plan to revive troubled world islands
UK commercial real estate lending plunges to lowest in a decade
Hybrid, flexible working set to curb Singapore office usage and rents