PropertyWeek.com
10 Mar 2008
Mike Phillips
GIC Real Estate has teamed up with affiliate Orchard Street Investment Management to create a £300m UK ‘special situations’ fund.
The partnership will have a seven-year lifespan and will seek to make up to 15 individual investments during the next three years. The fund will include gearing up to two thirds of the total value, and will look to buy individual assets of between £15m and £50m.
Eye on the UK
GIC has been active in the UK since the turn of the year, indicating that the sovereign wealth fund of the Singapore government sees value in the UK market. In January it upped its stake in British Land to more than 3%.
Chris Bartram, chairman of Orchard Street, said: ‘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.’
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