03.11.2014 - GIC makes first New Zealand investment, venturing into Auckland's Viaduct Quarter
GIC, the Republic's sovereign wealth fund, is making its first real estate investment in New Zealand, with a joint venture in Auckland initially worth NZ$313 million (S$313 million). GIC will partner with Goodman Property Trust (GMT) to co-invest in Auckland’s Viaduct Quarter. The joint venture, which includes GMT’s existing viaduct property interests, has a mandate to grow to NZ$500 million over time, the two entities said in a joint media release on Monday (Nov 3). The partnership will initially own a portfolio of assets valued at NZ$313 million, with GIC acquiring a 49 per cent interest in these assets and GMT retaining a 51 per cent share. All future investments will be undertaken on the same basis, according to the media release...............................................Full Article: Source
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