By Ardi Wirdana
The Shanghai-based company will set up a $1-billion vehicle with private equity firm Gaw Capital to acquire existing properties for flat conversions, while also launching another $1.58-billion fund with Gaw and financial leasing company Far East Horizon Ltd to acquire land plots for rental flat development.
GIC acquired La Quinta Resort and PGA West in 2013 in a $1.5-billion deal.
The venture has raised $200 million in its first close for the seed portfolio. A second close is expected later this year
Early this month, GIC formed a JV with CPPIB to buy a landmark Grade A office building in Seoul for $380 million.
The deal marks Revolution Precrafted’s expansion into its ninth international market.
The wealth fund’s share of the sale will be about $214 million.
Japanese companies Mitsubishi, Mitsui and Mitsubishi are participating in separate real estate development in the Philippines and Malaysia.
The consortium outbid eight other renowned property developers including GuocoLand, Bukit Sembawang Estates, Shun Tak Holdings, and Wing Tai Holdings.
The fund will acquire equity interests in properties owned by China Logistics Infrastructures, a logistics subsidiary of Beijing Properties.
The site will be transformed into a modern and versatile ramp-up industrial facility suitable for both production and storage.