(Sept 5): Singapore’s sovereign wealth fund, GIC, is nearing a deal to buy a majority stake in Oxford Properties Group’s Fairmont portfolio, which consists of four of Canada’s most iconic hotels, according to people familiar with the matter.

The talks are advanced and a deal could be announced in coming weeks, said the people, who asked not to be identified because the negotiations are private. The exact price of the transaction couldn’t immediately be determined but any deal is expected to value the whole portfolio at about C$2 billion ($2.1 billion), the people said. Still, it’s possible no agreement will be reached.

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