Singapore GIC buys investment in UK shopping center
Singapore's sovereign wealth fund, GIC, will pay about $ 60 million for a 50 percent stake in entertainment and development to eat in Britain, a joint statement said yesterday. CPG, one of the top 10 state investment funds in the world, will pay 48.5 million pounds (US $ 59.6 million) to the UK real estate company Hammerson for greater Watermark newly opened in Southampton. GIC already has a stake in the lifestyle of the newly opened station - which is expected to bring in £ 5.5 million ($ 6.7 million) per year - through a joint venture with Hammerson, Association will be extended. "As a long-term investor, we are focused on ensuring that the revenue streams of our investments are stable and resilient," said Madeleine Cosgrave, Regional Director of GIC Real Estate Europe. Hammerson Chief Executive Officer David Atkins, said that development was the largest of its kind in Britain.GIC has made several inroads into Europe this year - in September she acquired a 7,150-bed student accommodation in what was Described as the largest part of student housing in Britain this year.In November, the fund bought P3 Logistic Parks, one of the leading promoters and managers of European stores of 2,400 million euros (2,700 million) In the largest real estate transaction in Europe this year. Formerly known as the Government of Singapore Investment Corporation, GIC manages Singapore's foreign exchange reserves with a focus on long-term performance. It does not reveal the exact value of your portfolio, only saying that it has "well over US $ 100 billion in assets" in more than 40 countries, including real estate, stocks and fixed income investments .The US Sovereign Wealth Fund Institute says US GIC has $ 344 billion in assets under management, making the world ranked eighth.