Singapore’s sovereign wealth fund GIC Pte Ltd has partnered with Sao Paulo-based Barzel Properties to acquire five distribution centres and four retail stores through a sale-leaseback contract with Carrefour Brazil Group, in a transaction valued at about 1.2 billion Brazilian real (US$240.95 million).
GIC says in a statement on August 17, the transaction is supported by a 20-year renewable lease contract with Carrefour Brazil. Under the deal, Barzel Properties will ensure “a stable, long-term revenue stream through a rental agreement, adjusted annually for inflation”.
GIC Chief Investment Officer of Real Estate Lee Kok Sun says the company is “thrilled to complete the acquisition of nine of Carrefour Brazil Group’s assets alongside our strategic partner, Barzel Properties”.
“GIC is confident in the portfolio’s long-term potential in Brazil, which is underscored by the stores’ strong operational performance and warehouses’ strategic locations in major logistics markets.”
GIC doesn’t publicly disclose its asset data. The Sovereign Wealth Fund Institute estimates the wealth fund had around $690 billion of assets as of March 2022.
