Singapore’s GIC RE Bids in Court for Club PGA West
Since Paulson & Co and the Winthrop Realty Trust missed a debt interest payment, it triggered the auction in the Fall of 2012 for Club PGA West. The only known bidder so far for Club PGA West is GIC RE, the sovereign wealth enterprise of the Government of Singapore Investment Corporation (GIC). If there is more than one bidder the auction date will start on December 6, 2012. The Government of Singapore Investment Corporation has been a major creditor to a portfolio of luxury properties including Club PGA West.
The resorts are generating far less income then back in 2007.
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