Singapore wealth fund GIC set to open Sydney office next year

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Singapore’s sovereign wealth fund GIC said it was planning to open a new office in Sydney next year to focus on investment opportunities in Australia.

This will be the investor’s 11th office worldwide.

GIC said its portfolio in Australia has witnessed steady growth and that it will continue to scout for opportunities across various sectors.

“We are confident in the long-term growth of the Australian market and believe that an on-the-ground team will enhance our ability to capture more investment opportunities in this dynamic market. We are already very pleased with our existing portfolio in Australia, especially in real estate,” noted Lim Chow Kiat, CEO, GIC.

GIC’s investments in Australia span from traditional assets to joint ventures with partners.

In 2017, the Singapore fund formed a A$2 billion joint venture with Canada’s NorthWest Healthcare Properties Real Estate Investment Trust to acquire performing hospitals and medical office buildings across Australia. Two years later, GIC further increased its commitment to the sector by upsizing the joint venture to A$3.6 billion.

In 2018, GIC established a joint venture with Australian property management group Dexus to acquire and develop logistics assets in the country. The initial seed portfolio includes A$1.4 billion worth of core logistics properties.

Then in 2019, GIC doubled down on the sector through two joint ventures with ESR to acquire core and opportunistic logistic assets across Australia. The duo have since developed a total of four joint ventures which collectively represent commitment of more than A$5 billion to the sector.

In addition, GIC’s portfolio also include Chifley Tower, an office building in Sydney that it acquired a 100% stake in 2005 – it currently holds 50% of the asset alongside its joint venture partner Charter Hall; Melbourne-located retail centre Emporium in which GIC holds 50% alongside local retail property firm Vicinity; and Rialto, an office building in Melbourne that GIC acquired 50% of the asset last year through an off-market transaction with Dexus.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.