GIC invests in US multi-family properties through JV

Singapore

GIC has formed a joint venture with US property investment firm Cortland Partners and Canada Pension Plan Investment Board (CPPIB) to acquire and renovate 8,000 to 10,000 property units in the US known as Class B multi-family units.

The partners target to raise an equity amount of US$550 million in total via the joint venture, as part of the acquisition hunt. GIC and CPPIB will each own a 45 per cent interest in the joint venture. Cortland Partners will own the final 10 per cent interest.