GIC sells its stake in Pakuwon Jati

The Singaporean sovereign wealth fund sold its 4.9% shareholding in the Indonesian property company for $90 million.
Pakuwon Jati's properties are spread across Tunjungan City, Gandaria City and Kota Kasablanka
Pakuwon Jati's properties are spread across Tunjungan City, Gandaria City and Kota Kasablanka

The Government of Singapore Investment Corporation, better known as GIC, sold its 4.9% stake in high-flying Indonesian real estate firm Pakuwon Jati for almost $90 million on Monday.

The sovereign wealth fund sold 2.36 billion shares at IDR478 per share, at the bottom end of its targeted range and an 8.1% discount to Friday's closing price of IDR520 per share. 

The secondary share placement was offered at an indicative price range of between IDR478 to IDR494 per share, according to a term sheet seen by FinanceAsia.

A number of Pakuwon Jati's existing shareholders were...

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