GIC backs CitizenM in €2bn deal

GIC, along with existing investors KRC Capital and APG, have committed to investing a further €750m in the business for future expansion.

APG Asset Management has supported the group's founder, Rattan Chadha, since 2008. The firm operates as a subsidiary of Stichting Pensioenfonds, the Dutch pension fund for the Dutch government and education sectors. It also provides asset management services to other Dutch pension funds.

APG and GIC have previously collaborated, according to a statement by GIC.

HSBC – CitizenM's banking partner since 2010 – acted as general corporate lending adviser in the transaction.

KRC is a private equity firm founded by CitizenM's founder and CEO, Rattan Chadha.

Company
Founded in 2006 and headquartered in Amsterdam, CitizenM operates a group of hotels in New York, Paris, Amsterdam, Rotterdam, Glasgow, London and Taipei.

The group recently announced that it intends to continue its global expansion with the opening of six new hotels in 2019.

People
CitizenM Hotels – Rattan Chadha (founder, executive chairman).
APG Asset Management – Robert-Jan Foortse (head of European property investments).
GIC Real Estate – Lee Kok Sun (CIO).

Advisers
Company – Morgan Stanley & Co International (corporate finance); Stibbe (legal).

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• Topics
• Expansion
• Benelux
• Consumer
• Netherlands
• GIC