GIC, a Singapore sovereign wealth fund, to purchase a prime office building in Perth, Australia, paying more than A$320 million ($228 million), according to The Western Australian.
The Exchange Tower was owned by Sydney-based investment management company AMP Capital and Perth-based property investor Primewest. Primewest will continue to manage the building.
GIC has been active globally. In Europe, GIC purcahsed two offices in Paris, a 40-story office tower for €465 million ($538 million) and a 23,615-square-meter (254,190 square feet) office for €218 million ($243 million).
GIC has also been active in Germany. It mandated GEG German Estate Group AG, one of Germany’s leading real estate investors, to build and manage a value-added real estate portfolio, and it created a partnership with Berlin-based investment manager Caleus Capital Investors. GIC also added a total of 1,900 beds to GSA Germany, across the cities of Berlin, Hamburg and Frankfurt.
In the United States, GIC is the anonymous backer of a A$2 billion ($1.5 billion) joint venture by Canada-based NorthWest Healthcare Properties REIT. And GIC and a group of investors, formed a joint venture led by Rockwood Capital, to acquire a portfolio of class A office assets in Playa Vista, Los Angeles, Calif. GIC also formed an $800 million North American data center joint venture and it formed a $550 million multifamily partnership.
In Latin Americas, GIC entered a $300 million joint venture.
And in Asia, GIC partnered with NOVA, a fully integrated operator and investment manager headquartered in Shanghai and co-founded by Warburg Pincus, to establish a RMB4.3 billion ($675 million) rental apartment platform in China. In South Korea, GIC with Canada Pension Plan Investment Board acquired a class A office building in Seoul from Kumho Asiana Group, parent of Asiana Airlines, for $380 million. And GIC acquired a significant minority stake in Provenance Land, the developer that first introduced the Four Seasons brand into India.
