Singapore's GIC sells $505 million in shares in property giant GPT Group

Singapore's GIC sells $505 million in shares in property giant GPT Group
Singapore's GIC sells $505 million in shares in property giant GPT Group

Singapore’s sovereign wealth fund GIC has sold $505 million worth of shares in the property giant GPT Group.

The block trade was executed last night through UBS at $3.81 per security, representing a 2.7% discount to the earlier trading price.

The selldown accounts for just shy of 8% of the GPT share register.

The Singaporean pension fund secured its GPT shares during the global financial crisis, so will take an estimated $400 million profit.

GIC first bought a 12% stake in 2008 for as little as 60 cents a share.

The Singapore investor is expected to retain exchangeable securities in GPT.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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