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Singapore’s sovereign wealth fund GIC has acquired a 25 percent stake in Netherlands-based hotel developer and operator citizenM-taking the company’s enterprise value at €2 billion (S$3.04 billion).
GIC Real Estate chief investment officer Lee Kok Sun 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. As a long-term global investor, we believe this is a good addition to our overall portfolio of quality assets, and look forward to partnering with the citizenM management team to further add value to citizenM as they expand globally.”
CitizenM hotels founder and executive chairman Rattan Chadha said GIC’s acquisition will help strengthen the company’s position as one of the industry’s leading affordable luxury brands.
“With our bold expansion plans for the coming years, we are thrilled to have the financial support of investors who trust our vision and are instrumental in securing our future success.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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