GIC to Open New Office in Sydney
Posted on 05/31/2021
Singaporean sovereign wealth fund giant GIC Private Limited plans to open a new office in Sydney in 2022. The new office will target investment opportunities in Australia. GIC has a sizable portfolio in Australia, which includes stocks, bonds, and institutional real estate. The office will be GIC’s 11th worldwide.
GIC has been attracted to Australian real estate, forming joint ventures with firms like ESR, Dexus, and investment manager NorthWest.
Some key investments for GIC in Australia include Chifley Tower in Sydney, and Emporium and Rialto in Melbourne.
“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. 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 so we can generate more value-add together,” said Lim Chow Kiat, Chief Executive Officer, GIC in a press release.