News

GIC acquires 25% stake in citizenM

AcquisitionThe Singaporean sovereign wealth fund, GIC, has purchased a 25% stake in citizenM, a Dutch hotel real estate operator and developer with an enterprise value of $2.24 billion (€2 billion). GIC, which has more than $100 billion in assets under management, said the acquisition is a good addition to its overall portfolio of assets. In a statement, Lee Kok Sun, chief investment officer of GIC Real Estate, said: “citizenM represents an attractive value proposition of affordable luxury in urban markets. It is well-received by consumers who are increasingly placing value in experience and authenticity.” Meanwhile, Rattan Chadha, founder and executive chairman of citizenM hotels said the investment would support the brand’s expansion ambitions in future. Last month it was reported that GIC led the latest $125.5 million financing round in Chinese biotech Burning Rock, although the size of its investment was not disclosed. The funds will be mainly directed towards early cancer detection product development and sales and marketing force expansion for the companion diagnostics business. ©2019 funds global asia

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