Singapore’s GIC to bag 25% CeGeREAL stake from Northwood

Each share is going for EUR35.65.

Through an affiliate, GIC, Singapore’s sovereign wealth fund, today inked a deal to buy a 25% stake in CeGeREAL at EUR35.65 per share from Northwood Investors LLC (Northwood).

According to the two parties’ joint announcement, Northwood’s entities will hold in concert 57.48% of CeGeREAL.

“As a long-term value investor, GIC is keen to build scale in the French real estate market,” commented Madeleine Cosgrave, Deputy Head of Real Estate, Europe at GIC.

“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,” Cosgrave added.

The sale of the stake will be Northwood’s final step to ensure preservation of CeGeREAL’s SIIC status, which is a French, REIT-style tax regime.