| The GPT Group has raised $325 million from institutional investors after agreeing to buy back a perpetual note held by its one-time “white knight”, Singaporean sovereign wealth fund GIC. The redemption of the note marks GIC’s exit from the company it aided in November 2008 in the depths of the financial crisis.
The investment has produced handsome returns for GIC, with yesterday’s deal on the note alone reaping the fund $75m. It has also received more than $100m in interest payments over the five years. In May last year, GIC sold its 8 per cent stake in GPT that was then valued at more than $500m...............................................Full Article: Source
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