GIC among investors buying 71 percent of US property firm, likely valuing it above $2 billion
Singapore's sovereign-wealth fund GIC is among two investors who have bought a 71 percent stake in Denver-based Yes Communities, an owner of manufactured housing estates in the United States, the U.S. firm said.
YES is a portfolio company of real estate funds managed by Stockbridge Capital Group.
The deal would lead to consolidation of YES's three home community portfolios into a single entity, whose principal owner and sole general partner would be Yes Communities, a newly formed real estate investment trust, YES said in a statement.
No deal value was disclosed but a previous Wall Street Journal story had said the transaction would value Yes at more than $2 billion.
Stockbridge's existing investors, together with members of YES's management team, would continue to own about 29 percent of the consolidated group.
YES businesses include 178 communities across 17 states, with more than 44,600 residential home sites, an inventory of over 11,500 manufactured homes and a portfolio of home loans secured by homes.
"The manufactured housing sector is a unique and highly-attractive niche in the U.S. residential market, which GIC has been exploring for some time," said Adam Gallistel, regional head for Americas, GIC Real Estate in a statement.