GIC

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.

GIC, Brookfield to buy US freight railroad company for US$6.4 bil in cash

(July 2): Singapore's sovereign wealth fund GIC and Canada's Brookfield Asset Management on Monday agreed to buy US freight railroad owner Genesee & Wyoming for about US$6.4 billion ($8.7 billion) in cash.

Brookfield and GIC's offer of US$112 per share represents a premium of 12% to Genesee's closing price on Friday. Genesee shares were up 9%. Including debt, the deal is valued at about US$8.4 billion, the companies said in a statement.

GIC, Equinix in JV to develop data centres in Europe for more than US$1 bil

SINGAPORE (July 2): GIC, a global long-term investor and manager of Singapore’s foreign reserves, is betting big on the growth in demand for data centres.

The sovereign wealth fund has agreed to enter into an 80:20 joint venture with Equinix to acquire and develop six hyperscale data centres in Europe for more than US$1 billion ($1.3 billion).

GIC partners Polymer Connected to develop data centre campus in Jakarta

SINGAPORE (June 13): GIC, global long-term investor and manager of Singapore’s foreign reserves, and data centre provider Polymer Connected today announced a partnership to develop a data centre campus in Jakarta, Indonesia.

To be located in Jakarta Barat, the campus will be the first green Indonesian data centre to utilise Jakarta’s natural gas network to produce electricity.

Under the partnership, Polymer Connected has acquired the land to build the campus – its first in Indonesia.

South Korean firm Yanolja that reinvented love hotels gets GIC, Booking funding

(June 11): Yanolja’s gentrification of South Korean love hotels has brought the company a valuation of more than US$1 billion ($1.4 billion) from investors keen to capitalise on the globalisation of a novel approach to short-stay accommodation, its chief executive told Reuters.

The budget hotel and online booking platform operator reached the valuation having secured US$200 million from US peer Booking Holdings Inc and Singapore sovereign wealth fund GIC Pte Ltd, CEO Kim Jong-yoon said.

Briefs

SINGAPORE (May 13): “I have waited my entire career to trade a stock like this, and to open an IPO like Uber.”Pete Giacchi, senior trader at Citadel Securities. Uber is set to start trading on May 10.

MAS shifts $45 billion of reserves to GIC in unusual, publicised move

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