Singapore wealth fund is “underinvested” in global RE: exec

GIC, partial owners in the Time Warner Center, looking to move billions into gateway cities

TRD New York /
Nov.November 25, 2015 09:00 AM

Singaporean investors have already poured substantial cash into the New York real estate market, and more might be on the way.

Goh Kok Huat, president of real estate at GIC Pte, the city-state’s sovereign wealth fund, whose total holdings Morgan Stanley estimates at $343 billion, said his firm was “underinvested” in the global property market and is seeking to make major purchases.

The fund, which owns a piece of the Time Warner Center in Columbus Circle, is seeking investments in “gateway cities,” he said. The fund currently has 7 percent of assets in real estate, while it can allocate as much as 9 to 13 percent, several billion dollars more, Bloomberg reported.

“We would like to put up more money across the globe, but it really depends on whether we see those transactions that are interesting,” Goh said. “We don’t have the compulsion to push money out through the door.”

London-based GIC, the world’s sixth largest sovereign wealth fund, also owns stakes in the Colgate-Palmolive building at 300 Park Avenue, and Cityspire, at 156 West 56th Street, both in Midtown. It partners with Tishman Speyer on both buildings. [Bloomberg]Ariel Stulberg


Related Articles

arrow_forward_ios
Global private real estate investment continues to fall as the coronavirus continues to force economics to a standstill. (Credit: iStock)

Private real estate investment deals tumble worldwide

Private real estate investment deals tumble worldwide
LA is one of the trickiest cities for institutional investors to understand. Here’s why

LA is one of the trickiest cities for institutional investors to understand. Here’s why

LA is one of the trickiest cities for institutional investors to understand. Here’s why
Cheung Chung Kiu is no stranger to big real estate deals (Credit: Wikipedia)

Mysterious billionaire who bought $262M London mansion is obsessed with blockbuster real estate deals

Mysterious billionaire who bought $262M London mansion is obsessed with blockbuster real estate deals
Crown Prince Sheikh Mohammed bin Zayed Al Nahyan of Abu Dhabi, Softbank CEO Masayoshi Son, and former British Prime Minister Tony Blair (Credit: Getty Images)

Masa Son, the crown prince of Abu Dhabi and Tony Blair walk into a bar and decide to build a $34B city in Asia

Masa Son, the crown prince of Abu Dhabi and Tony Blair walk into a bar and decide to build a $34B city in Asia
56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit
Clockwise from top left: New York, Jakarta, Shanghai (inset), Vancouver and Manila (Credit: iStock)

These were the world’s hottest luxury markets in the 2010s

These were the world’s hottest luxury markets in the 2010s
Ian Gillespie and A rendering of the Oakridge development (Credit: Very Polite Agency via Bloomberg)

Vancouver’s most hated developer on his version of Hudson Yards, the city’s “piece of shit” buildings

Vancouver’s most hated developer on his version of Hudson Yards, the city’s “piece of shit” buildings
(Illustration by Carl Wiens)

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...