GIC tells why it is still under-invested in real estate

Singapore

SINGAPORE'S sovereign wealth fund GIC is trying to raise its allocation in real estate from about 7 per cent of its portfolio to the target allocation of 9 to 13 per cent.

Its difficulty, however, lies in the high valuations of assets around the world, and competition from many other sources of capital.

The chief investment officer of GIC Real Estate, Lee Kok Sun, sa…