The Government of Singapore Investment Corporation (GIC) has snapped up a 10.4% stake in Brixton

GIC said today it had increased its holding in the industrial property REIT to 28m shares, which are valued at £145m. Most of the shares were bought from HBOS, which has halved its holding to 10.2%.

Tim Wheeler, Brixton's chief executive, said: 'Clerical Medical (now part of HBOS) were one of the founding investors in Brixton in 1924, then acquiring an 18% stake in the company in 1962.

'Through the last couple of decades they have had over 20% of Brixton, but such a concentrated holding has perhaps become anomalous compared to our other investors and indeed our peer group.

'We are delighted that GIC have bought into the company taking approximately half of HBOS's holding. They are serious global investors and we are also pleased that HBOS have remained substantial investors.'