Singapore’s GIC takes 25 percent stake in Dutch boutique hotel chain: Reports

Euro coinsPhoto by Leslie Shaffer

Singapore state-owned investment company GIC has taken a 25 percent stake in Dutch boutique hotel chain CitizenM, according to reports in the Wall Street Journal and the Financial Times.

CitizenM said GIC’s investment gives the 15-location hotel chain an enterprise value of 2 billion euros (S$3.05 billion or US$2.25 billion), the Financial Times reported on Wednesday, adding that GIC wouldn’t comment on the size of the investment.

GIC, KRC Capital and Dutch pension provider APG will commit another 750 million euros to fund CitizenM’s expansion, the Financial Times said.

GIC manages Singapore’s foreign-exchange reserves. It does not disclose the size of its portfolio, but has indicated it is above US$100 billion.