GIC has taken a stake in US housing developer and operator YES! Communities.
Singapore’s sovereign wealth fund bought the stake from Stockbridge Capital Group.
Adam Gallistel, regional head of Americas for GIC Real Estate, said the manufactured housing sector is a “unique and highly-attractive niche” in the US residential market, which GIC had been exploring for “some time”.
“Given the relative lack of consolidation, it is very difficult to enter this sector in scale,” Gallistel said. “We view YES! as an exceptional opportunity to do just that.”
A 71% equity interest in the firm has been sold to GIC affiliates and a second, unnamed global institutional investor.
Three portfolios of manufactured home communities will be consolidated into a single entity, which will be owned by a new Yes Communities real estate investment trust. Stockbridge’s existing investors and the management team of YES! Communities, will hold 29% interest in the new enterprise.
Based in Denver, the firm holds more than 44,600 residential home sites and 11,500 manufactured homes, as well as home loans secured by homes within its communities.
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