GIC partners Indonesia’s Rajawali with $500m JV

Singapore’s sovereign wealth fund GIC Pte and and Rajawali Group have agreed to jointly invest up to $500 million in property projects in Indonesia, largely in its capital city Jakarta’s central business district, both companies said.

The joint venture will explore opportunities in sectors including office, retail, residential as well as mixed-use projects.

This marks the second JV between GIC and the Rajawali Group. Earlier they had come together for the development of a 47-storey International Grade A office tower on Jalan Jenderal Gatot Subroto, in the heart of Jakarta’s Central Business District.

The office tower, now named Capital Place, is part of a mixed-use development, which includes the first all-suite luxury The St. Regis Jakarta hotel and a retail podium for specialist food and beverage outlets. Construction of the mixed-use development is underway and is due to be completed by end 2015.

Earlier this month, GIC had forayed into New Zealand by setting up a real estate joint venture with Goodman Property Trust. GIC has 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. Just days prior to that, the Singapore fund had made its first corporate investment in Turkey, where it bought a minority stake in Istanbul-based Rönesans Gayrimenkul Yatirim (RGY) for €250m ($312.4).

Shirley Tan, CEO, Rajawali Property group said the group’s vision was to build landmarks of a new era – a collection of capital icons that will transform the skylines of Indonesia and withstand the test of time. “This joint venture is significant as it paves the way for a long-term partnership with GIC and allows Rajawali to develop ground-breaking projects in Indonesia, which we believe is an exciting real estate investment destination,” Tan said.

Added Loh Wai Keong, Co-Head, Asia, GIC Real Estate: “GIC is confident in Indonesia’s long-term growth potential and believe we can create value through the acquisition of assets in prime locations and active asset management.”

 

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. 
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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.