HE Singapore sovereign wealth fund GIC Bet on the Spanish brick. Asian country’s public investment vehicle closed Acquisition of 35% of Hotel Investment Partners (HIP)hotel giant black stone in southern Europe, Spain, Greece, Italy and Portugal; According to American media Finance Times and succeeded in approving EL PERIÓDICO DE ESPAÑA and ACTIVOS, the economic reinforcement of Prensa Ibérica.
The North American fund will retain control of the remaining 65 percent of the company, which it acquired from Banco Sabadell for 630 million euros in 2017. Blackstone then invested €600 million to transform these assets and generate value. 73 hotels59 in Spain, most on holiday, 21,831 rooms. 71% of the complexes are located beachfront, mostly in the Canary Islands and Balearic Islands, and are operated by major global chains such as Ritz-Carlton, Barceló, Melia, Hyatt, Hilton, Ledra or Marriott.
According to the North American newspaper, the operation was shut down at: 4 billion euro valuationi.e. GIC He would pay an amount close to 1 billion 400 million euros..
In a memo from Blackstone, Alejandro Hernández-PuértolasHIP’s founder and CEO points out: “This alliance with GIC, together with the majority stake in Blackstone, represents a new vote of confidence in the HIP business and the European tourist hotel sector. This operation allows us to have two more: South “The addition of major global investors to our shareholding strengthens our strategy and capacity to continue the transformation of the sector in Europe. The fundamentals of the hotel market in this tourist region remain solid and revenues for this year are expected to be 20% higher than last exercise.”
For your part, Lee Kok SunGIC director of real estate investments added: “We are delighted to be partnering with Blackstone and investing in one of the most established hotel platforms in Mediterranean Europe. We look forward to working with Blackstone and the HIP management team as they continue to develop their assets and develop high-quality tourist holidays in the Mediterranean strategy to take advantage of the opportunities offered by the increasing global and national demand for places
Singapore sovereign fund GIC’s investments in Spain
Singapore sovereign fund GIC has invested large amounts of capital in almost all types of assets in Spain in recent years. Owned in the hotel industry five star hotels Palace and Editionthrough Archer Hotel Capital, a company it shares with Dutch pension fund APG.
GIC also checks P3 Logistics ParksA company with nearly 300 logistics warehouses across Europe, 22 of them are in our country.
In the office sector Alliance with the Montoro Alemán family. GIC will hold a 33% stake, similar to the stake it will have in HIP GMPA publicly traded real estate company with 25 buildings worth €2.284 million by the end of 2022.
In addition to all these segments, it announced an alliance with the Spanish management company Azora in February last year. Invest 1,500 million euros to build a platform of 8,000 rental homes. This company, under the name Brisa, is currently purchasing land to develop projects.