GIC buys 25% of French property management firm CeGeREAL

Singapore's sovereign wealth fund GIC has inked an agreement to buy a 25 per cent stake in CeGeREAL.
Singapore's sovereign wealth fund GIC has inked an agreement to buy a 25 per cent stake in CeGeREAL.PHOTO: BLOOMBERG

SINGAPORE - An affiLiate of Singapore's sovereign wealth fund GIC has inked an agreement to buy a 25 per cent stake in CeGeREAL, a French property management firm, at 35.65 euros per share.

The purchase from Northwood Investors values CeGeREAL at 476.73 million euros (S$732.7 million), based on the total number of shares at the end of 2015, GIC announcd on Thursday (April 7).

After the completion of the transaction, Northwood's entities will hold in concert 57.48 per cent of CeGeREAL.The privately-held global real estate investment and management firm has about US$9 billion in total assets under management.

Said Madeleine Cosgrave, GIC's deputy head of real estate, Europe: "As a long-term value investor, GIC is keen to build scale in the French real estate market. We believe this transaction represents a good opportunity to gain exposure to a high-quality portfolio and to support management in its vision to grow CeGeReal into a larger office platform."