<article>Singaporean sovereign wealth fund <a href="https://www.dealstreetasia.com/tag/gic">GIC</a> is the anonymous backer of a $2-billion joint venture unveiled by Canada&#8217;s <a href="https://www.dealstreetasia.com/tag/NorthWest-Healthcare-Properties">NorthWest Healthcare Properties REIT</a>, according to a <a href="https://www.theaustralian.com.au/business/property/gic-backs-northwests-2bn-jv-healthscope-play/news-story/9cb9b5925132c09aa8a0eeb806548955">report</a> by The Australian.</article>

Singaporean sovereign wealth fund <a href="https://www.dealstreetasia.com/tag/gic">GIC</a> is the anonymous backer of a $2-billion joint venture unveiled by Canada&#8217;s <a href="https://www.dealstreetasia.com/tag/NorthWest-Healthcare-Properties">NorthWest Healthcare Properties REIT</a>, according to a <a href="https://www.theaustralian.com.au/business/property/gic-backs-northwests-2bn-jv-healthscope-play/news-story/9cb9b5925132c09aa8a0eeb806548955">report</a> by The Australian.
NorthWest announced the joint venture earlier this month but described its investment partner only as “a large sovereign wealth fund” and an institutional investor.
According to an official announcement, the mandate of the JV is to acquire and develop high-quality core Australian healthcare real estate, including hospitals and related medical office buildings.
The company further elaborated that the joint venture will be 70 per cent owned by the institutional investor with NorthWest owning the remaining 30 per cent interest and acting as the investment, property, development and asset manager.
The joint venture is expected to be fully deployed over a four-year period. Once fully deployed, NorthWest expects to benefit from third-party fee bearing assets under management of approximately A$1.4 billion.
As part of the joint venture, NorthWest has also agreed to sell three income producing properties and one development property to the JV with an as-complete value of approximately A$412 million, which is expected to close in Q3 of 2018.
NorthWest is a real estate investment trust that provides investors with access to a portfolio of high quality international healthcare real estate infrastructure comprised of interests in a diversified portfolio of 148 income-producing properties and 10.1 million square feet of gross leasable area located throughout major markets in Canada, Brazil, Germany, Australia and New Zealand.
For GIC, the joint venture comes after another reported joint venture formed last month with US pension fund Teacher Retirement System of Texas and Toronto-based Tricon Capital Group Inc. to acquire as many as 12,000 rental homes worth a total of about $2 billion.
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The mandate of the JV is to acquire and develop high-quality core Australian healthcare real estate, including hospitals and related medical office buildings.

Singapore's GIC said to be the backer behind $2b NorthWest REIT joint venture

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Singapore's GIC said to be the backer behind $2b NorthWest REIT joint venture

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