Singapore's GIC sets up New Zealand real estate JV with Goodman Property

November 3
2:38 AM 2014

Singaporean sovereign wealth fund GIC Pte Ltd [GIC.UL] is making its first investment in New Zealand real estate by forming a joint venture with Goodman Property Trust (GMT.NZ), the pair said in a statement on Monday.

GIC will own 49 percent of the joint venture which will invest in Auckland's Viaduct Quarter. It will initially have assets worth NZ$313 million ($242.9 million), including GMT's existing property in the area.

GIC and GMT have set the venture a target to grow to NZ$500 million.

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