GIC Real Estate, the acquisitive real estate investment arm of the Government of Singapore Investment Corporation, has invested E75m (£51m) in a provincial France property fund.

The fund, Rynda en Primeur, is managed by Rynda Property Investors and has already acquired E128m (£88m) of assets. It was set up in September 2005 with AIM-listed Halladale holding a majority stake.

Chief executive Michael Walton said: ‘Rynda en Primeur provides investors with access to the attractive yields of French provincial property markets where international investor interest is rapidly growing’.

Jones Lang LaSalle Corporate Finance advised Rynda on the transaction as placement agent.