THE Government of Singapore Investment Corporation (GIC) has teamed up with a New York-listed real estate investment trust to invest up to $2US billion ($2S.8 billion) in Asian and Australian property.
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The Singapore firm’s real estate arm and Host Hotels & Resorts, one of the world’s largest owners of luxury hotels, have set up a joint venture with an initial investment of up to $600US million. This, combined with anticipated leverage, will provide total investment potential of at least $1US.5 billion. Host, which will provide fund management services to the venture, will own a 25 per cent stake while GIC will hold the remaining 75 per cent.
GIC Real Estate president Seek Ngee Huat said the combination of ‘Host’s core skills in hospitality investment and asset management, and GIC’s regional presence and network’ would serve the venture well.
This places it in a good position to ‘build up a substantial portfolio of hospitality related assets in Asia’.
GIC Real Estate, one of the world’s top 10 real estate investment firms, has a multi-billion-dollar portfolio in more than 200 property-related investments across 30 countries, according to the statement announcing the venture.
Last month, GIC reportedly paid about 80 billion yen ($1S.1 billion) for the 438-room Westin Tokyo hotel, and in January, it announced a joint venture to develop a residential township near Moscow.
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