GIC Goes Back to School
Singapore’s sovereign wealth fund, GIC Private Limited and Macquarie Capital have announced a joint venture to take a majority stake in Iglu, a student accommodation owner, developer and operator. This is not the first time the GIC has invested in student housing. In 2005, the sovereign fund established a joint venture with UNITE Capital Cities to invest in student housing in England and Scotland.
After the United States and the United Kingdom, Australia is the #3 most popular foreign student destination.
Iglu, which came into inception in 2010, has a property portfolio value of A$ 150 million (US$ 132 million). Properties include a 98-bed facility near Central Station in Sydney, a 395-bed facility in Chatswood (a Sydney suburb) and a 414-bed facility in Brisbane; the Chatswood property is still in the planning stages.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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