GIC and Indonesia's Rajawali Group to form property JV

Singapore

GIC on Tuesday said it would partner Rajawali Group, one of the largest investment companies in Indonesia, in jointly investing up to US$500 million in equity in property projects in Indonesia - a sign of warming ties between the two investment giants.

The investments will focus on Jakarta's Central Business District (CBD), GIC said in a media statement, with the two partners teasing out deals in office, retail, residential and mixed-use projects.