The Government of Singapore Investment Corp (GIC) has increased its investment in an Australian property firm.
Media reports in Australia say GIC has increased its stake in GPT to between 12 and 18 per cent after pumping in an additional A$250 million to A$300 million.
GPT is one of Australia’s largest diversified listed property groups with prime retail and office assets across Australia.
It also has a funds management business which GIC Real Estate (GIC RE) has invested in.
GIC RE confirmed its investment in GPT but did not reveal exact figures.
GIC RE president Seek Ngee Huat says that the investment is an important part of GIC’s investment strategy in Australia.
He also says that the investment was made through convertible preferred securities and participation in a rights issue.
This is expected to give GIC appropriate downside protection and the opportunity for upside in capital appreciation.
Source : Channel NewsAsia – 23 Oct 2008