GIC

GIC joins other big name investors to acquire stake in American Express travel unit

(Dec 18): American Express Global Business Travel said Carlyle Group and several big name investors are buying a stake in the corporate travel company.

American Express Co. will retain 50% ownership, according to a statement Tuesday. The deal values the unit at US$5 billion ($6.8 billion), including debt, according to a person familiar with the matter.

Briefs

SINGAPORE (Nov 11): “The system of making capitalism work well for most people is broken.”Ray Dalio, founder of hedge fund Bridgewater Associates

Trump-Xi trade summit likely pushed to December

US President Donald Trump and Chinese President Xi Jinping may not be able to sign a partial trade deal until December, and two US locations have been ruled out for their highly anticipated meeting, according to a person familiar with the matter.

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GIC acquires landmark office building in Beijing's emerging financial centre

SINGAPORE (Nov 7): Singapore sovereign wealth fund GIC has reportedly acquired a 50% stake in an office building in Lize Financial Business District (LFBD), an emerging central business district in Beijing, for an undisclosed sum.

The 42-storey Grade A building is situated in a prime location in terms of visibility and accessibility, says GIC in a media release on Thursday. 

GIC notes that the building is the tallest in the district, and is directly connected to an interchange station for key public transport lines.

GIC acquires PB6 office tower in Paris for undisclosed sum

SINGAPORE (Oct 18): Singapore sovereign wealth fund GIC announced Friday it has acquired PB6, a Grade A office tower in Paris.

However, the global investment firm, which has over US$100 billion in assets under management, did not disclose the purchase price of the transaction.

Located in the heart of the La Défense business district in Paris, PB6 is an iconic 40-storey asset with 60,000 sqm of prime office space.

GIC says the asset presents attractive value creation opportunities, which it expects to capture by investing to enhance the asset and service offering.

GIC chief has just rang the alarm, again

(Sept 20): The head of one of the world’s largest sovereign wealth funds wants to get one thing straight – markets are becoming increasingly dire and investors face a very uncertain future.

Lim Chow Kiat, the chief executive officer of Singapore’s GIC, has again sounded the alarm about the state of the world’s economy, decrying populism, trade protectionism and a decline in the ability of governments and markets to deliver broad-based prosperity.

GIC acquires 25.1% stake in $4 bil Sydney office property trust

SINGAPORE (Aug 19): Sovereign wealth fund GIC announced Monday it is acquiring a 25.1% stake in Lendlease International Towers Sydney Trust (LLITST) from Canada Pension Plan Investment Board and Australia-listed Lendlease Group.

Established in 2012, the trust holds assets located in the Barangaroo Office Precinct in the Sydney Central Business District (CBD).

LLITST holds a 100% per cent interest two commercial towers:  International Towers Sydney – Tower Two and International Towers Sydney – Tower Three.

CVC and GIC said to be among firms eyeing stake in Euroclear

(July 22): Buyout firm CVC Capital Partners and Singapore’s sovereign wealth fund GIC are among firms considering bids for a stake in the US$6.4 billion ($8.7 billion) European settlements giant Euroclear, according to people familiar with the matter.

The Brussels-based company, which counts London Stock Exchange Group as a shareholder, is planning to decide in the coming days whether to pursue a stake sale or an initial public offering of the business, the people said, asking not to be identified as the matter is private.

GIC braces for lower returns amid challenging investment outlook

SINGAPORE (July 5): The pressure is on for Singapore’s sovereign wealth fund GIC.

In May, GIC received an injection of funds totalling $45 billion from the Monetary Authority of Singapore. The funds are derived from MAS’ official foreign reserves, which the central bank had deemed as excess OFR that could be put to better use under GIC.

Now, all eyes are on GIC to generate attractive and sustainable returns.

GIC cautious in light of challenging investment outlook; returns for 20-year period at 3.4%

SINGAPORE (July 8): Singapore’s sovereign wealth fund GIC is treading carefully as the investment outlook turns more challenging. This comes as high valuations, slowing global growth and significant uncertainties could potentially lead to lower returns for both the GIC Portfolio and the Reference Portfolio, the SWF says in its 2018/19 annual report released on July 2.

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GIC warns of low returns amid trade war

SINGAPORE (July 3): Singapore sovereign wealth fund GIC said it is now more cautious about the investing environment than it was last year and is bracing for low returns due to high valuations and slowing economic growth.

But while GIC, among the world’s biggest investors, is worried about heightened political and policy uncertainty, including the Sino-US trade war, it is positioning itself to cushion the impact by investing in countries such as Vietnam which are benefiting from a shift in supply chains.

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