GIC Real Estate, the property investment arm of the Singapore government, is teaming up with UK commercial property investment manager Orchard Street, to launch a £300 mln ‘Special Situations’ fund which will invest in commercial property in all main sectors of the UK market.
GIC Real Estate, the property investment arm of the Singapore government, is teaming up with UK commercial property investment manager Orchard Street, to launch a £300 mln ‘Special Situations’ fund which will invest in commercial property in all main sectors of the UK market.
The partnership will run for seven-years and seeks to make up to 15 individual investments over the next three years. The fund includes gearing up to two thirds of the total value, and will seek individual assets of between £15mln and £50mln.
'We have known and worked with GIC Real Estate for many years, and look forward to this new collaboration. The object is to buy assets with active management potential for improvement. This style of investment is an area of particular experience and expertise for Orchard Street, and which we believe has the potential to generate higher than normal market returns,' said Chris Bartram, chairman of Orchard Street.