GIC forays into NZ, invests in Turkey

Singapore’s sovereign wealth fund GIC has forayed into New Zealand by setting up a real estate joint venture with Goodman Property Trust, both companies said.

GIC will have a 49% stake in the JV that will, initially, be worth NZ$313 million ($242.9 million) and will invest in Auckland’s Viaduct Quarter, the joint statement added.

The move comes within days of GIC making its first corporate investment in Turkey, where it bought a minority stake in Istanbul-based Rönesans Gayrimenkul Yatirim (RGY) for €250m ($312.4).

The agreement takes the form of a primary rights issue and GIC will hold a little over 20% in RGY  The new capital will reinforce latter’s foothold as a leader in Turkish commercial real estate market and allow for future expansion of its business, the companies said, while adding that Singapore’s sovereign wealth fund would also get board representation in RGY.

Since 2012, RGY and GIC have formed 50:50 joint ventures in shopping centres Optimum Istanbul, Optimum Ankara and Optimum Izmir.

According to Erman Ilicak, Chairman of Rönesans Holding, “This partnership further bolsters our relationship with one of the most reputable long-term global investors in the real estate industry. Following three previous joint venture transactions at the level of individual projects, we are very pleased to have GIC now on board in RGY at the platform level as well. We look forward to solidifying RGY’s presence in Turkish commercial real estate development together with GIC’s collaboration.”

Added Chris Morrish, regional head of GIC Real Estate for Europe:  “We are pleased to be making our first corporate real estate investment in Turkey, by taking a minority ownership position in RGY, one of the most reputable property developers and investors in Turkey. As a long-term investor, we are confident that Turkey will continue to grow and present good investment opportunities.”

In New Zealand, both partners said that the mandate includes growing the assets to NZ$500 million and undertaking all future investments on the same basis.

Keith Smith, Chairman of Goodman (NZ) Limited said: “ GMT’s close relationship with Goodman Group, one of the world’s largest integrated property groups, has facilitated the introduction of GIC into the New Zealand market and a broadening of GMT’s investment strategy in the Viaduct”.

Added Goh Kok Huat, President of GIC Real Estate: “As a long-term investor, GIC looks to establish strategic partnerships with leading market players. Goodman has strong asset management expertise and has a good pulse on the New Zealand market. We believe there will be good investment opportunities that allow the joint venture to grow further, particularly in the Viaduct Quarter.”

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).   

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  • 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. 
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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.