GIC has formed a NZ$1bn (€597m) office investment partnership with New Zealand-listed Precinct Properties.

Precinct said the partnership would initially acquire five assets worth NZ$590m from its existing portfolio in Auckland and Wellington.

The partnership had the ability to grow to around NZ$1bn over time, Precinct said.

Precinct will own a minority 24.9% interest in the partnership and will be its investment manager.

Scott Pritchard, Precinct’s CEO, said the partnership reflected a strategic next stage following the internalisation of Precinct last year.

“The partnership with GIC provides access to capital with an aligned partner and fully supports the execution of Precinct’s future growth, further enhancing shareholder returns,” Pritchard said.

Pritchard said the newly-established partnership would target stable, secure low-risk returns through investment in well-leased, premium-grade real estate.

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