GIC unveils $313m maiden real estate investment in New Zealand

The JV aims to grow to $500m over time.

GIC today revealed that it has made its maiden foray in New Zealand’s real estate market via a joint venture with Goodman Property Trust.

GIC will co-invest with GMT in Auckland’s rapidly developing Viaduct Quarter. The joint venture, which includes GMT’s existing viaduct property interests, has a mandate to grow to $500m (NZ$500m) over time.

The partnership will initially own a portfolio of assets valued at $313m (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.

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