Singapore's sovereign-wealth fund GIC in talks to buy Yes Communities for $2 bn
28 June 2016
Singapore's sovereign-wealth fund GIC is in talks to buy US-based manufactured-housing communities Yes Communities, Inc, in a $2 billion deal, The Wall Street Journal yesterday reported, citing people familiar with the matter.
GIC, Singapore's second-largest sovereign-wealth fund after Temasek, is in talks with Yes Communities private equity firm owner Stockbridge Capital Group, the WSJ said.
Yes Communities develops, sells, and leases manufactured home communities primarily in Colorado, Arizona, Florida, Georgia, Missouri, Michigan, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, and Virginia.
The Denver, Colorado-based company owns or operates 178 communities in 17 US states.
Investors from Singapore have recently been spending on real estate in the US. The Kwee family is helping finance a Jean Nouvel-designed luxury condominium rising next to Manhattan's Museum of Modern Art, the report said.
GIC acquired IndCor Properties, one of the largest owners of industrial space in the US , from Blackstone Group for $8.1 billion in 2014, the report added.