Briefs

Singapore sovereign wealth fund GIC will pay 48.5 million pounds (more than Bt2.1 billion) for a 50-per-cent stake in a leisure and dining development in Britain, a joint statement said yesterday.
GIC, one of the world’s top 10 state investment funds, will pay British property firm Hammerson 48.5 million pounds for a larger stake in the newly opened Watermark development in Southampton, England, the statement said.
GIC already has a stake in the newly opened lifestyle complex – which is expected to bring in 5.5 million pounds yearly – through a joint venture with Hammerson, and the partnership is to be extended.
“As a long-term investor, we focus on ensuring that income streams from our investments are stable and resilient,” said Madeleine Cosgrave, regional head of GIC Real Estate in Europe.
Hammerson chief executive David Atkins said the development was the largest of its kind in Britain.
GIC has made several forays into Europe this year. In September, it acquired a 7,150-bed dormitory in what was described as Britain’s largest student-accommodation deal this year. 
In November, the fund bought P3 Logistic Parks, a top European warehouse developer and manager for 2.4 billion euros (more than Bt90 billion) in Europe’s biggest real-estate transaction this year.
Formerly known as the Government of Singapore Investment Corporation, GIC manages Singapore’s foreign reserves with a focus on long-term performance.
– AFP

RECOVERY LOAN SCHEME EXTENDED

The Office of SME Promotion (OSMEP), the Small and Medium Enterprise Development Bank of Thailand (SME Development Bank) and the Thai Bankers’ Association yesterday jointly approved a seven-year extension to a programme providing interest-free loans to SMEs under a recovery-fund scheme.
Qualified small and medium-sized enterprises will receive a maximum of Bt1 million in lending under the programme.
About 100 small enterprises have already been approved to receive loans, for a total of Bt87.82 million.
Salinee Wangtal, director-general of OSMEP, said the three partners had attempted to adjust the lending approval process. to assure that the credit lines of Bt1 billion under the scheme will be run out by 2017.
“When the cash flows of these SMEs improve, OSMEP will have them trained in other development programmes, such as [in using] online marketplaces, for which OSMEP is cooperating with the Commerce Ministry and the Digital Economy and Society Ministry,” she said.