- February 1, 2015: Vol. 7, Number 2

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GIC partners on global real estate deals in Q4/2014

by Dr Jennifer Molloy

The need to diversify portfolios and generate stable long-term income continues to draw sovereign wealth funds to the real estate asset class. GIC, Singapore’s US$320 billion sovereign wealth fund, and its affiliates continued to diversify their global real estate holdings via a number of acquisitions and joint ventures during fourth quarter 2014.

United States

The biggest deal involved GIC’s co-investment with Global Logistic Properties to acquire IndCor Properties, one of the largest industrial platforms in the United States, for US$8.1 billion. The sellers are funds affiliated with Blackstone Real Estate Partners VI and VII. Singapore-based GLP will initially hold a 55 percent stake and GIC the remaining 45 percent.

Asia Pacific

Two December GIC deals focused on India. The most recent was an agreement by GIC affiliate Reco Berry Private Ltd to acquire up to a 39.2 percent stake in Mumbai-based Nirlon Ltd, which owns a high-quality information techn

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