GIC invests $285m in Australian fund

EG Funds Management, a leading Australian real estate fund manager, has successfully secured a project agreement with global long-term investor, GIC, with the initial capacity to buy up to A$400 million ($285.48 million).

The GIC mandate will follow on the success of EG’s Yield Plus Infrastructure Fund No. 2 (YPI2) which acquired income-producing real estate near new or upgraded transport infrastructure.

EG is analyzing current opportunities for the final round of investment for YPI2, originally launched in 2016. This unlisted real estate fund has found great success thus far, securing 10 assets, and now drawing international investor attention.

“The strategy targets commercial, industrial and retail assets in close proximity to transport and community infrastructure in Sydney and Melbourne,” said Sean Fleming, associate director.

Roger Parker, executive director for EG, added, “We are pleased to welcome GIC to this next iteration of the investmen