Singapore’s sovereign wealth fund GIC will open a new office in Sydney next year to focus on investment opportunities in Australia. The office, the fund’s 11th worldwide, will further capitalize on GIC’s private market capabilities to generate good, risk-adjusted returns for the overall portfolio.
“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,” says GIC chief executive officer Lim Chow Kiat.
“We are already very pleased with our existing portfolio in Australia, especially in real estate. We believe the new office will better support the management of our existing assets and increase interaction with local partners,” Lim adds.
Ahead of the opening of the Sydney office, GIC says it will continue to actively look for opportunities across various sectors in the country and partner with businesses with strong long-term growth prospects.
The Singapore fund has been among the most active sovereign wealth investors in Australia, and has a number of landmark investments and strategic partnerships in the country.
In 2019, GIC acquired a 25.1% stake in Lendlease International Towers Sydney Trust (LLITST) from Canada Pension Plan Investment Board and Lendlease.
The trust holds assets in the Barangaroo Office Precinct in the Sydney Central Business District. The properties are highly-accessible premium grade office towers, with close proximity to Darling Harbour and extensive amenities.
It includes three major office buildings, 800 residential apartments and a world-class hotel situated next to waterfront parklands.
Also in Sydney in 2019, GIC formed a partnership with Charter Hall, an integrated Australian property group to acquire the Jessie Street Centre in Parramatta CBD, a Grade-A office building with supporting retail properties.
The pair also combined last year to acquire a 49% stake in Ampol's A$1.4 billion property trust that owns 203 core freehold convenience retail sites.
