Singapore’s GIC investing in Turkish real estate sector

Singaporean sovereign wealth fund GIC announced acquisition of 21.4 percent stake of the Turkish real estate developer Ronesans Gayrimenkul (RGY) for EUR 250 million.

Singapore's GIC investing in Turkish real estate sector

Singaporean sovereign wealth fund GIC announced acquisition of 21.4 percent stake of the Turkish real estate developer Ronesans Gayrimenkul (RGY) for EUR 250 million.

A statement made by Ronesans Holding President Erman Ilicak said that the partnership would strengthen the bond between Ronesans Gayrimenkul and GIC. The two companies had previously joined up forces in a number of shopping mall projects in Istanbul, Ankara and Izmir.

The stake acquisition by subscribing to a rights issue, will enable GIC 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,” GIC said in a separate statement.

Turkey and Singapore signed an intergovernmental partnership agreement during Singaporean Prime Minister Lee Hsien Loong’s visit to Turkey this month, announcing cooperation on a number of fields. 

Source: invest.gov.tr

Nurullah Kırmacı / emlakcoulisse.com

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