GIC is in advanced discussions to sell its stake in Yes! Communities to Brookfield Asset Management in a deal that could value the US manufactured housing operator at more than $10bn, according to people familiar with the matter, according to sources cited by Bloomberg.

If completed, the sale would represent the largest-ever commercial exit by the Singaporean sovereign wealth fund, which first invested in Yes! in 2016 when it acquired a 71% stake in a transaction valuing the business at over $2bn.

Based in Denver, Yes! Communities owns and operates nearly 300 sites across the US, primarily in the Southwest, Midwest, and Southeast. The company had been preparing for an IPO in 2025, though the potential sale to Brookfield — one of the world’s largest alternative asset managers with more than $1tn in AUM — has shifted priorities.

“This would be the largest ever commercial exit of a SWF,” said Diego Lopez, managing director of Global SWF. “For GIC, it would provide significant liquidity and an opportunity to reduce dependency on the US real estate market.”

Real estate remains a core part of GIC’s portfolio, accounting for 23% of assets as of March 2025. Still, the fund has warned of slowing returns in the second half of the year as inflation and geopolitical uncertainty weigh on markets.

For Brookfield, the transaction would bolster its real estate platform, which already includes student housing, single-family rentals, apartments, and warehouses. It recently completed an $893m acquisition of student-housing assets linked to Texas A&M University.

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