GIC to invest A$800m in Australia

by Andrea Waitrovich

GIC, Singapore’s sovereign wealth fund, has plans to invest A$800 million ($614 million) in Australia, according to local media outlets.

GIC has granted mandates of A$500 million ($384 million) to Charter Hall to invest in Brisbane and allocated A$300 million ($230 million) to Primewest to invest in Perth.

GIC has been active in its overseas real estate exposure. Recently, for its U.S. exposure, GIC and Paramount Group formed a 95-5 joint venture to acquire the office building at 60 Wall St. in Manhattan for $1.04 billion.

In addition, GIC and its partner Beacon Capital Partners acquired more than 2.1 million square feet of office assets in the Washington, D.C., metro for a total of more than $1.05 billion in aggregate asset value.

In London, GIC and its partner Unite Students acquired Aston Student Village for £227 million in a 50-50 joint venture. ASV represents the first major on-campus acquisition of Unite and GIC’s London Student Accommodation Joint Venture. In November 2016, GIC, in partnership with U.K.-based Global Student Accommodation, acquired a 7,150-bed U.K. student-housing portfolio from investment funds managed by Oaktree Capital Management.

Also, GIC agreed to acquire P3, a European logistics platform, from TPG Real Estate and Ivanhoé Cambridge. The transaction values the business at €2.4 billion ($2.7 billion).

For its Asia exposure, GIC and Indonesian warehouse provider PT Mega Manunggal Property have plans to invest $720 million during the next three years in warehouses in Indonesia, Southeast Asia’s biggest economy.

And Joy City agreed to sell a 49 percent stake in six mixed-use projects in China to an investment fund controlled by Singapore’s GIC and insurer China Life for 9.29 billion yuan ($1.4 billion) in 2016.

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