Deal roundup: GIC’s Frankfurt moves and Toss IPO ambitions

SINGAPORE: Singapore’s sovereign fund GIC is exploring complicated international investment strategies, with new developments in European real estate and Asian financial technology sectors.

In Frankfurt’s tough commercial real estate market, GIC is reportedly re-evaluating its portfolio, with ongoing speculation about possible asset sales. Previous talks for the Triton-Haus property in October 2022 did not lead to a deal, highlighting the intricate investment environment in Europe’s commercial property sector.

At the same time, GIC’s investment portfolio is diversifying significantly. It has a notable stake in Toss, the South Korean fintech platform that is preparing for a major US initial public offering (IPO) in the second quarter of 2026.

Toss, run by Viva Republica, aims to reach a valuation between US$10 billion and US$15 billion, potentially raising US$2 billion to US$3 billion. The company, which counts GIC among its main investors, has shown strong growth with 24 million monthly active users and an annual revenue of 1.96 trillion won in 2025.

The Frankfurt real estate market has unique challenges, as ageing commercial assets need significant ESG upgrades and are under pressure from changing market conditions.

With plans to have 50% of its users outside of South Korea in five years, Toss, on the other hand, is a rapidly expanding digital platform that is focused on international expansion.

It appears that GIC’s investment strategy combines cutting-edge technological platforms with conventional assets like real estate, demonstrating a clever approach to international investment diversification.

The Toss IPO could become the largest US listing by a South Korean company since Coupang’s US$4.6 billion offering in 2021. This highlights the strategic importance of international capital markets for Asian tech companies.

As discussions on Frankfurt real estate and preparations for the Toss IPO progress, GIC continues to demonstrate its savvy, navigating uncertain markets as one of the largest global asset managers.