Sydney-based fund manager EG has secured a mandate from Singapore’s GIC to build up a A$400m (€243m) property portfolio.
The mandate brings to more than A$1.8bn the amount GIC has committed to Australia through various managers since the COVID-19 pandemic. These managers include Charter Hall, ESR Australia and Primewest for investment mostly in convenience retail and logistics.
The geographical focus of GIC’s latest investments is in value-add opportunities across sectors in Sydney and Melbourne.
EG said it had secured the project agreement with GIC which would follow on from EG’s Yield Plus Infrastructure Fund No. 2 (YPI2). The strategy of YPI2 was to acquire income-producing real estate near new or upgraded transport infrastructure.
Sean Fleming, EG’s associate director, said the strategy targets commercial, industrial and retail assets in close proximity to transport and community infrastructure in Sydney and Melbourne.
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