Goodman (NZ) Limited, the manager of Goodman Property Trust (GMT) in New Zealand, has announced the introduction of GIC, Singapore’s sovereign wealth fund, as a new capital partner. The partners will cooperate in an expanded joint venture investing in the Viaduct Quarter of Auckland, New Zealand.
The joint venture, which includes GMT’s existing Viaduct property interests, has a mandate to grow to NZ$500m over time. However the partnership will initially own a portfolio of assets valued at NZ$313m. GIC will acquire a 49% interest in these assets while GMT will retain a 51% share. All future investments will be undertaken on the same basis.
Goh Kok Huat, President of GIC Real Estate said, “As a long-term investor, GIC looks to establish strategic partnerships with leading market players. Goodman has strong asset management expertise and has a good pulse on the New Zealand market. We believe there will be good investment opportunities that allow the joint venture to grow further, particularly in the Viaduct Quarter.”
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