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GIC RE enters Russian real estate market

It buys 25% of township project for US$233m; forms partnership with PIK AFTER announcing around $7 billion worth of property deals in 2007, GIC Real Estate (GIC RE), the property arm of the Government of Singapore Investment Corporation, said that it will develop a township on a site in Russia with a market value of […]

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TOWNSHIP DEVELOPMENT: GIC property unit in Russian joint venture

THE property arm of the Government of Singapore Investment Corporation (GIC), GIC Real Estate, and a Russian company have announced a joint venture to develop a residential township north-east of Moscow. GIC Real Estate will acquire a 25 per cent stake in the project for about US$233 million (S$335 million). Its partner, PIK Group, will […]

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Russia developer posts US$78m loss in 9 months

(MOSCOW) Russian property developer Sistema-Hals yesterday reported a net loss of US$77.6 million for the first nine months of 2007 compared with a net profit of US$34.3 million in the same period last year. The company, part of diversified holding company Sistema, said operating expenses rose by 165 per cent to US$279.3 million mainly due […]

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