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State-owned investment firm GIC has acquired a 50 percent stake in a newly opened leisure and dining development in Southampton from British property firm Hammerson for £48.5 million (S$86.2 million), revealed a joint statement on 30 December.
The new complex, which is expected to provide an annual income of £5.5 million (S$9.8 million), was described by Hammerson Chief Executive David Atkins as the largest of its kind in Britain.
GIC already has a stake in the newly-opened Watermark development via a joint venture with Hammerson. In fact, the said partnership has been extended.
“We are pleased to extend our partnership with Hammerson, a leading operator of retail space in Europe, and our partner since 2007,” said Madeleine Cosgrave, Regional Head of GIC Real Estate in Europe.
“As a long-term investor, we focus on ensuring that income streams from our investments are stable and resilient.”
An AFP report noted that GIC made several forays into Europe in 2016. It purchased a 7,150-bed student accommodation in September and the P3 Logistics Parks for 2.4 billion euros (S$3.7 billion) in November.
GIC manages Singapore’s foreign reserves, but does not reveal the exact value of its portfolio, describing it only as “well over US$100 billion (S$145 billion) of assets” across 40 countries.
However, the US-based Sovereign Wealth Fund Institute believes that GIC’s assets are worth US$344 billion (S$498 billion), making it the eighth largest sovereign wealth fund in the world.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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