19.10.2015 - KIC and Gaw Capital seal deal for InterContinental Hong Kong
A consortium led by Korean sovereign wealth fund (SWF), the Korea Investment Corporation (KIC), has sealed a deal to acquire five-star hotel InterContinental Hong Kong for US$940 million. According to a report from MK Business News, the KIC hooked up with Hong Kong-based real estate private equity firm Gaw Capital Partners (Gaw Capital) to forge a sales agreement with the InterContinental Hotels Group in July. The consortium injected US$470 million into the acquisition and borrowed the other half from local lenders to finance the deal. Gaw Capital previously announced it would retain InterContinental Hotels Group to continue managing the property, whilst using its existing hospitality platform, GCP Hospitality, to enhance the asset management side of things if the transaction went through...............................................Full Article: Source
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