Hürriyet - Singaporean sovereign wealth fund GIC announced acquisition of 21.4 percent stake of the Turkish real estate developer Ronesans Gayrimenkul (RGY) for EUR 250 million.
A statement made by Ronesans Holding President Erman Ilicak said that the partnership would strengthen the bond between Ronesans Gayrimenkul and GIC. The two companies had previously joined up forces in a number of shopping mall projects in Istanbul, Ankara and Izmir.
The stake acquisition by subscribing to a rights issue, will enable GIC to become a "substantial minority" investor and strategic partner.
"The new capital will reinforce RGY's foothold as a leader in Turkish commercial real estate market and allow for future expansion of its business," GIC said in a separate statement.
Turkey and Singapore signed an intergovernmental partnership agreement during Singaporean Prime Minister Lee Hsien Loong’s visit to Turkey this month, announcing cooperation on a number of fields.