SINGAPORE – GIC, Singapore’s sovereign wealth fund, is planning to open a new office in Sydney next year – its 11th worldwide – to focus on investment opportunities in Australia.
The global investment firm currently holds an Australian portfolio, with investments across various sectors, including logistics and real estate, which have seen steady growth, it said in a statement on Monday (May 31).
GIC, which has invested in more than 40 countries around the world, has 10 overseas offices at present, including in key financial capitals such as London, New York, Tokyo and Shanghai.
The company will continue to source opportunities across various sectors and partner businesses with strong long-term growth prospects, it added.
“This planned office opening will further capitalise on GIC’s private market capabilities to generate good, risk-adjusted returns for the overall portfolio.”
GIC chief executive Lim Chow Kiat said the firm is confident in the long-term growth of the Australian market and that the new office will help it capture more investment opportunities.
“We are already very pleased with our existing portfolio in Australia, especially in real estate,” he added.
“We believe the new office will better support the management of our existing assets and increase interaction with local partners so we can generate more value-add together.”
Join ST’s Telegram channel here and get the latest breaking news delivered to you.
Source: Read Full Article