By Peter Vercoe
The deal is the latest to signal Hong Kong’s red-hot property market shows no signs of slowing down.
GIC has emerged as a major shareholder in listed Irish residential developer Glenveagh Properties.
The two partners will establish a Singapore-domiciled, rupee-denominated fund named – SPREF II.
It is the second-most expensive real estate deal in Asia this year, after CapitaLand’s Blackrock asset purchase.
Canada’s CPPIB is also learnt to be interested in the assets.
The deal values the hotel group at about $2.4 billion.
The Japanese firm holds 49% in the JV.
The Beijing-based startup aims to increase the number of properties available for holiday rental to about 100,000 by 2019 from 10,000 now.
The malls portfolio is valued at about $3.175 billion.
US-based global private equity firm The Blackstone Group Lp is already in talks to buy the fund.