The Government of Singapore Investment Corporation GIC and US-based hotel operator Host Hotels Resorts will set up a Singapore company to invest in Asia and Australia. GICÆs real estate investment arm, GIC Real Estate, will own 75% and Host will own 25% of the joint venture company. The JV will initially have equity commitments from the partners of up to $600 million. Including leverage, the total investment which the joint venture can make will be between $1.5 and $2 billion.
A Host affiliate will...
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