PIF, GIC Among Funds That Bought Signa’s Equity-Like Notes
- Sovereign wealth funds invested in profit participation rights
- Signa units looking to fund operations via these securities
Photographer: Georg Hochmuth/AFP/Getty Images
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Saudi Arabia’s Public Investment Fund and Singapore’s GIC Pte are among the investors listed as holders of riskier equity-like instruments issued by Signa’s luxury real estate unit, now caught up in insolvency proceedings in Austria.
The PIF owns €287 million ($314 million) of the profit participation securities, known as Genussrechte or Genussscheine, while the South-East Asian sovereign wealth fund owns €85 million, according to the insolvency filing from Signa Prime Selection dated Dec. 28 seen by Bloomberg News.