GIC and Sumitomo in US$1.2bil property JV
SINGAPORE: Government of Singapore Investment Corp's property arm, GIC Real Estate, said it has formed a joint venture with Japan's Sumitomo Corp to invest up to 150 billion yen (US$1.2bil) in Japanese property.
GIC RE said in a statement that the joint venture would invest in existing retail property and in projects under development in Japan over the next two years. It also plans to buy under-performing assets with a view to turning them around.
“The target markets for the joint venture are the metropolitan areas of Tokyo, Osaka, Nagoya and other major cities,” GIC RE said in a statement.
GIC RE added that Sumitomo would be the asset manager for the joint venture and be responsible for sourcing, development and operations.
GIC RE manages a multi-billion dollar portfolio of property in 30 countries, putting it among the world's 10 biggest real estate investors.
Its parent, known as the GIC, invests Singapore's foreign exchange reserves in stocks, bonds, real estate and other assets. – Reuters
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