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Singapore’s sovereign wealth fund GIC, and Indonesia’s Rajawali Group announced Tuesday they have entered into a Memorandum of Understanding (MoU) to jointly invest up to US$500 million (S$652 million) in equity in property projects in Indonesia.
Accoring to the press release, the joint venture will explore opportunities in sectors including office, retail, and residential as well as mixed-use projects, with a focus on Jakarta’s central business district.
The move follows a successful collaboration between GIC and Rajawali in the development of Capital Place, a 47-storey International Grade A office tower in Jakarta. The development is part of a mixed-use development that is due for completion in 2015.
Commenting on the joint venture, Loh Wai Keong, Co-Head, Asia, GIC Real Estate said: ““We are pleased to deepen our relationship with Rajawali, one of the leading investors in Indonesia. GIC is confident in Indonesia’s long-term growth potential and believe we can create value through the acquisition of assets in prime locations and active asset management. An integral part of our investment strategy is to build long-term partnership with reputable local partners with strong track records like Rajawali, who also share our investment values.”
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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