GIC to open Australian office
Singapore sovereign wealth fund GIC will open an Australian office next year.
The landmark Chifley Tower, in Sydney – which it co-owns – is a tip to be the location.
It would be the company’s 11th international branch.
“GIC has been an early investor in key markets and the anticipated opening of the Sydney office is a testament to the steady growth of the GIC portfolio in Australia,” a company statement said.
“GIC will continue to actively source for opportunities across various sectors and partner with businesses with strong long-term growth prospects,” it added.
“This planned office opening will further capitalise on GIC’s private market capabilities to generate good, risk-adjusted returns for the overall portfolio”.
Chief executive officer Lim Chow Kiat added “we are already very pleased with our existing portfolio in Australia, especially in real estate” and “the new office will better support the management of our existing assets and increase interaction with local partners so we can generate more value-add together”.
In March, The Australian reported GIC, which was incorporated in 1972, was seeking to sell a half-stake in three Sydney assets – The Galeries, Queen Victoria Building and Strand Arcade – likely to bring in more than $550m (story continues below).
The group is also looking to buy a 50pc interest in Mirvac’s distinctive EY Centre at 200 George St, according to sources.
Two months ago the diversified Singapore investor, with ESR, outlaid $3.8 billion for the Blackstone Milestone logistics portfolio, with 45 assets.
In the first quarter of the year, GIC purchased offices in Perth (for c$220m) and Sydney Olympic Park ($66.1m).
Six months ago, it spent over $600m on 11 guesthouses – and the Travelodge marque – a deal also with Mirvac, and NRMA.
It is also behind a Build to Rent based village, in partnership with Grocon, which would replace the Richmond Plaza, in Melbourne’s inner east.
Last year, with Charter Hall – with which it co-owns Chifley Tower – GIC acquired a 49pc share in 203 Ampol branded service stations.
