Singapore GIC opens office in Australia
Singapore sovereign wealth fund GIC will open a new office in Sydney next year to focus on investment opportunities in Australia. The office, the fund’s 11th in the world, will further capitalize on the capabilities of the private GIC market to generate good risk-adjusted returns for the entire portfolio.
“We are confident in the long-term growth of the Australian market and believe that a team on the ground will enhance our ability to seize more investment opportunities in this dynamic market,” said Lim Chow Kiat, CEO of GIC.
“We are already very satisfied with our existing portfolio in Australia, particularly in real estate. We believe the new office will better support the management of our existing assets and increase interaction with local partners, ”adds Mr. Lim.
Ahead of the opening of the Sydney office, GIC says it will continue to actively seek opportunities in various sectors across the country and partner with companies with strong long-term growth prospects.
The Singapore fund is among Australia’s most active sovereign investors and has a number of historic investments and strategic partnerships in the country.
In 2019, GIC acquired a 25.1% stake in Lendlease International Towers Sydney Trust (LLITST) from the Canada Pension Plan Investment Board and Lendlease.
The trust owns assets in the Barangaroo office district in the Sydney CBD. The properties are high end office towers with great accessibility, close to Darling Harbor and many amenities.
It includes three large office buildings, 800 residential apartments and a world-class hotel located next to waterfront parks.
Also in Sydney in 2019, GIC partnered with Charter Hall, an integrated Australian real estate group to acquire the Jessie Street Center in Parramatta CBD, a Class A office building with retail properties.
The pair also combined last year to acquire a 49% stake in A $ 1.4 billion Ampol real estate trust, which has 203 freehold local retail locations.