GIC buys 25% stake in Netherlands-based hotel operator citizenM
The sovereign wealth fund is looking to expand its portfolio of affordable luxury in urban markets.
GIC has acquired a 25% equity interest in Netherlands-based fully integrated hotel real estate developer and hotel operator citizenM, which has an enterprise value of $3.05b (EUR2b), an announcement revealed.
citizenM is said to represent an attractive value proposition of affordable luxury in urban markets, according to Lee Kok Sun, CIO of GIC Real Estate.
The move will also reportedly help citizenM strengthen its position as one of the leading affordable luxury brands in the industry. “We are thrilled to have the financial support of investors who trust our vision and are instrumental in securing our future success,” Rattan Chadha, founder and executive chairman of citizenM hotels, added.