Paris & Singapore, 7 April 2016 Northwood Investors LLC (“Northwood”) today signed an agreement to sell a 25% stake in CeGeREAL to an affiliate of GIC, Singapore’s sovereign wealth fund, at the price of €35.65 per-share.
Following the completion of the transaction to occur in the following days, Northwood’s entities will hold in concert 57.48% of CeGeREAL.
The sale of a 25% stake to GIC will be the final step in a series of successful sales by Northwood to ensure preservation of the SIIC status of CeGeREAL. “Northwood is excited that GIC will become a significant shareholder in CeGeREAL; and that it believes in the company’s vision to grow its asset base over time and to become a best in class French office REIT,” said John Kukral, Northwood’s founder and director on the board of CeGeREAL.
Madeleine Cosgrave, Deputy Head of Real Estate, Europe at GIC commented: “As a long-term value investor, GIC is keen to build scale in the French real estate market. 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.”
J.P. Morgan and Brookfield Financial acted as financial advisors to Northwood on this transaction.