Singapore’s sovereign wealth fund GIC said it was planning to open a new office in Sydney next year to focus on investment opportunities in Australia.
This will be the investor’s 11th office worldwide.
GIC said its portfolio in Australia has witnessed steady growth and that it will continue to scout for opportunities across various sectors.
“We are confident in the long-term growth of the Australian market and believe that an on-the-ground team will enhance our ability to capture more investment opportunities in this dynamic market. We are already very pleased with our existing portfolio in Australia, especially in real estate,” noted Lim Chow Kiat, CEO, GIC.
GIC’s investments in Australia span from traditional assets to joint ventures with partners.
In 2017, the Singapore fund formed a A$2 billion joint venture with Canada’s NorthWest Healthcare Properties Real Estate Investment Trust to acquire performing hospitals and medical office buildings across Australia. Two years later, GIC further increased its commitment to the sector by upsizing the joint venture to A$3.6 billion.
In 2018, GIC established a joint venture with Australian property management group Dexus to acquire and develop logistics assets in the country. The initial seed portfolio includes A$1.4 billion worth of core logistics properties.
Then in 2019, GIC doubled down on the sector through two joint ventures with ESR to acquire core and opportunistic logistic assets across Australia. The duo have since developed a total of four joint ventures which collectively represent commitment of more than A$5 billion to the sector.
In addition, GIC’s portfolio also include Chifley Tower, an office building in Sydney that it acquired a 100% stake in 2005 – it currently holds 50% of the asset alongside its joint venture partner Charter Hall; Melbourne-located retail centre Emporium in which GIC holds 50% alongside local retail property firm Vicinity; and Rialto, an office building in Melbourne that GIC acquired 50% of the asset last year through an off-market transaction with Dexus.