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The new Syndey office is set to open in 2022 and is GIC’s 11th office worldwide. Source:
Singapore’s sovereign wealth fund GIC is set to open a new office in Sydney in 2022, marking its 11th worldwide, to focus on investment properties within Australia, reported Channel News Asia (CNA).
GIC noted that the opening of the new office in Sydney is a testament to the steady growth of the fund’s portfolio in Australia.
Among the fund’s key investments in Australia include Sydney’s Chifley Tower as well as Rialto Towers and luxury shopping centre Emporium in Melbourne.
The fund has also entered into joint ventures with real estate firms ESR and Dexus to acquire logistics assets, establishing a portfolio of over A$5 billion (S$5.1 billion) and A$1.4 billion (S$1.43 billion), respectively.
It also established a A$3.6 billion (S$3.7 billion) joint venture with investment manager NorthWest to purchase hospitals and medical office buildings in Australia.
“This planned office opening will further capitalise on GIC’s private market capabilities to generate good, risk-adjusted returns for the overall portfolio,” said GIC as quoted by CNA.
The fund revealed plans to continue sourcing investment opportunities in various sectors and partner businesses with strong long-term growth prospects.
GIC CEO Lim Chow Kiat shared that the company is confident of the Australian market’s long-term growth and believes the new office will help it capture more investment opportunities.
“We are already very pleased with our existing portfolio in Australia, especially in real estate,” he said as quoted by CNA.
“We believe 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.”
Aside from Singapore, GIC also has offices in London, Beijing, Mumbai, San Francisco, New York, Seoul, Sao Paulo, Tokyo and Shanghai.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg
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