The Government of Singapore Investment Corporation has taken a 25% stake in Grosvenor First European Property Investments, the new holding company for the continental real estate interests of Grosvenor Estate.
London-based Grosvenor Estate has invested £1.7bn in a range of direct and indirect property investments in France, Spain and Portugal since summer 1996. It has bought listed and unlisted equities, bonds, money market instruments and property.
Neil Jones, continental director of Grosvenor, said: “GFEPI will continue to be our principal vehicle for investment on the continent and GIC’s involvement will give us additional scope to take advantage of opportunties in certain European markets.”
