GIC ups stake in Chinese department store Intime

Intime announced that it has sold 76.7 million new shares to GIC for HK$9.9 apiece, totaling HK$747 million ($95.9 million), as well as 57.5 million existing shares from controlling shareholder Shen Guojun, the company's founder.

GIC's purchase price represented a 7.5% discount on Intime's last close.

Intime, which operates approximately 40 shopping centers, will use the new capital to expand its department stores in China. Intime's malls can be found around Beijing, Wuhan, Xi'an and Hangzhou, among other cities.

In August of last year, Warburg Pincus announced that it sought to divest one-third of its remaining stake in Intime - approximately 5% of the company - on the public market for up to $113 million. The sale would diminish the New York-based PE firm's holding to a 10.1% stake, from 15.8%.

Warburg had been an investor in Intime since before the company launched its IPO in 2007, a process that raised $310 million.

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• Topics
• Greater China
• PIPEs
• Real estate
• China
• PIPE
• GIC Private
• Real estate