GIC buys majority stake in Melbourne innovation precinct

The project will be pre-leased to the University of Melbourne for 42 years.

Singapore's sovereign wealth fund GIC acquired a majority stake in an innovation precinct in Melbourne, Australia.

According to a press release, the innovation precinct will be majority pre-leased to the University of Melbourne for 42 years.

The precinct is a joint project between the University of Melbourne, Lendlease, GIC and Urbanest.

The project is adjacent to the University’s main campus 1km north of the Melbourne Central Business District.

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