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June 2022
AAM Magazine
June 2022
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Singapore’s GIC, Dutch asset manager APG buy “substantial” stake in The Student Hotel

GIC is confident that the investment will generate resilient long-term returns
By Goh Thean Eu   
June 23, 2022

Singapore sovereign wealth fund GIC Pte Ltd and Dutch asset manager APG are acquiring “a substantial stake” in The Student Hotel (TSH) for an undisclosed sum, in a deal that values the Amsterdam-based provider of hotels and student apartments at 2.1 billion euros (US$2.21 billion).

The deal also includes further investment commitments from GIC and APG and will help TSH double its portfolio of hotels to 50, the firm says in a statement on June 22. It did not give a timeline for the expansion goal.

According to GIC Chief Investment Officer of Real Estate Lee Kok Sun, TSH’s assets are “well-located, enjoy good connectivity to city centres and transportation networks, and are in close proximity to universities and other amenities”.

“We are confident that this investment will generate resilient long-term returns,” he says in the statement.

GIC does not publicly disclose its asset data. The Sovereign Wealth Centre estimates the wealth fund had around $545 billion of assets as of March 2021.