| The Government Investment Corporation of Singapore has sold its 8 per cent stake in GPT Group for $505 million in a deal that is likely to reap the sovereign wealth fund a windfall of up to $400m. GIC first bought its 12 per cent interest in 2008 for as little as 60c a share, and its selldown last night will take the value of block trades in the Australian listed real estate sector to at least $1 billion in the past year as investors ride the wave of improving market conditions.
Investment bank UBS has managed the selldown, which was under way last night with the shares offered at $3.81, a 2.7 per cent discount to yesterday’s closing price of $3.90...............................................Full Article: Source
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