Singapore's GIC to invest over $321 mil in Spanish property firm

Singapore sovereign wealth fund GIC has agreed to pay more than $321 million for a 30% stake in unlisted Spanish real estate firm Gmp, the two companies said in a statement on Wednesday.

"As a long-term value investor, this is a good opportunity for GIC to gain access to a large and diversified office portfolio in Madrid and leverage on Gmp's local expertise to grow our exposure," said Chris Morrish, regional head of Europe at GIC real estate.