Orchard Street, GIC Form Second Special Situations Fund
Orchard Street Investment Management, a specialist commercial property investment manager, and an affiliate of GIC Real Estate, the property investment arm of the Government of Singapore Investment Corp. (GIC), have created a second Special Situations Fund to invest in commercial property throughout the United Kingdom in all main sectors of that market. Fund II follows the first Orchard Street U.K. Special Situations Fund, which was formed with the same investors in 2008 and acquired property assets totaling around £130 million (US$210 million).
With leverage, Fund II will have the capacity to invest in excess of £200 million (US$323 million). It will have a six-year lifespan and will seek to make up to 15 individual investments during the next two years. The fund will include leverage of up to a maximum of 65 percent of the total value, and will see