GIC Poised to Purchase Paulson’s Resort Properties
Posted on 12/06/2012
The Government of Singapore Investment Corporation (GIC) is poised to purchase a collection of resorts owned by Paulson & Co. for US$ 1.5 billion. This is following zero competing bidders that emerged for the bankrupt properties.
Singapore’s GIC was a creditor in the bankruptcy case. Their bid includes cash and debt owed to the GIC. According to recent court filings, those properties include: Grand Wailea, La Quinta, the Arizona Biltmore in Phoenix, the Claremont resort in Berkeley, California, and property at the Doral.
Keywords: GIC Private Limited.