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

Executive Interviews

Interview: Money needs a place to go

Mar 11, 2019

Peng Fei, chief investment officer at Wanwei Asset Management, tells Romil Patel about allocating capital across risk factors when asset performance is uncertain and unpredictable.

INTERVIEW: Giving peace a chance

Jan 11, 2019

As US-China tensions escalated in 2018, the leaders of the two economies met in Buenos Aires to agree a truce. Aidan Yao, senior emerging Asia economist at Axa Investment Managers, talks to Romil...

Roundtables

Singapore roundtable: A money magnet

Mar 11, 2019

Our panel discussed why the Singapore Variable Capital Company makes them bullish, what gives the onshore jurisdiction an offshore feel and “blood on the streets” from China’s slowdown. Chaired by Romil Patel in Singapore.

HONG KONG ROUNDTABLE: A sunny picture

Jan 11, 2019

Changes to regulation, US-Sino trade tensions and further steps by China to open its capital markets were some of the topics discussed by our panel. Chaired by Romil Patel in Hong Kong.