Singapore’s sovereign wealth fund GIC has injected KW100 billion (US$91 million) into Korean retail major E-Land Group.
The round was part of a KW200 billion investment led by Hong Kong-based Anchor Equity Partners. With interests in malls, restaurants, theme parks, hotels and construction businesses, E-Land has built its cornerstone on fashion apparel.
This latest infusion of capital follows the Meritz Financial Group investing KW300 billion in the firm as part of a consortium led by Korea’s Keystone Private Equity last month. GIC has previously invested in E-Land – in 2009 it acquired an outlet of hypermarket Kim’s Club and the Gangnam branch of its NewCore Department Store. It subsequently leased them back to E-Land.
At the end of March last year, GIC was estimated to have assets under management of between US$359 and $398 billion.
GIC’s previous investments in South Korea include KW130 billion backing for cafe chain A Twosome Place.