Bringing the company's value to two billion euros, Singapore's sovereign wealth fund GIC becomes a major shareholder in the Dutch group.
citizenM announced that KRC, APG and GIC (the Singapore sovereign wealth fund) have signed an agreement under which GIC will acquire a 25% stake in citizenM, valuing the company at €2 billion.
GIC thus joins the two historic shareholders of the hotel group:
- KRC Capital which is owned by the society of citizenM's founder, Rattan Chadha
- APG, one of the largest Dutch pension funds in the country
The three players have committed to jointly invest an additional €750 million in the group's expansion. According to citizenM's press release, this sum covers more than the current secure development pipeline.
Rattan Chadha, founder & executive chairman of citizenM hotels said, “We are excited to have GIC as our new investor. This move will help strengthen our position as one of the leading affordable luxury brands in the industry. With our bold expansion plans for the coming years, we are thrilled to have the financial support of investors who trust our vision and are instrumental in securing our future success."
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