SINGAPORE: GIC will open a new office in Sydney next year to focus on investment opportunities in Australia, Singapore's sovereign wealth fund said on Monday (May 31).
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 enable it to capture more investment opportunities.
"We are already very pleased with our existing portfolio in Australia, especially 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 we can generate more value-add together."
The office will be GIC's 11th worldwide. Apart from Singapore, the fund currently has offices in Beijing, London, Mumbai, New York, San Francisco, Sao Paulo, Seoul, Shanghai and Tokyo.
The opening of the Sydney office is a testament to the steady growth of GIC's portfolio in Australia, said the fund in a news 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 business and industrial real estate developers ESR and Dexus to acquire more logistics assets, building a portfolio of more than A$5 billion (S$5.1 billion) and A$1.4 billion respectively.
It also has a A$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, it added.
"This planned office opening will further capitalise on GIC's private market capabilities to generate good, risk-adjusted returns for the overall portfolio," said GIC.
The fund said it will continue to actively source for investment opportunities across various sectors and partner businesses with strong long-term growth prospects.