Singapore GIC to open new Sydney office in 2022
SINGAPORE: GIC will open a new office in Sydney next year to focus on investment opportunities in Australia, the Singapore sovereign wealth fund announced on Monday (May 31st).
GIC CEO Lim Chow Kiat said the fund is confident in the long-term growth of the Australian market and believes having a team on the ground will allow it to seize more investment opportunities.
“We are already very satisfied with our existing portfolio in Australia, particularly in real estate,” said Mr. Lim.
“We believe the new office will better support the management of our existing assets and increase interaction with local partners so that we can generate more added value together.”
The office will be the 11th GIC in the world. In addition to Singapore, the fund currently has offices in Beijing, London, Mumbai, New York, San Francisco, Sao Paulo, Seoul, Shanghai and Tokyo.
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The opening of the Sydney office is a testament to the steady growth of GIC’s portfolio in Australia, the fund said in a press release.
Among its key investments in Australia are Chifley Tower in Sydney and Emporium and Rialto in Melbourne.
In recent years, GIC has established joint ventures with commercial and industrial real estate developers ESR and Dexus to acquire more logistics assets, building a portfolio of over AU $ 5 billion (AU $ 5.1 billion) and of A $ 1.4 billion respectively.
It also has an AU $ 3.6 billion joint venture with investment manager NorthWest to acquire hospitals and medical office buildings across Australia.
The fund is an active member of the country’s real estate industry and participates in the Property Council of Australia and its Global Investment Committee, he added.
“This planned office opening will further capitalize on GIC’s private market capabilities to generate good risk-adjusted returns for the entire portfolio,” said GIC.
The fund said it will continue to actively seek investment opportunities in various sectors and partner companies with strong long-term growth prospects.