Singapore’s GIC is the unnamed investor backing a new AUD2bn (€1.27bn) healthcare property fund in Australia.
It was reported last week that Canada’s NorthWest Healthcare Properties Real Estate Investment Trust had launched a new fund with a 70% interest from a sovereign wealth fund.
IPE Real Assets has since confirmed the identity of GIC with sources familiar with the fund’s investments.
Under the partnership agreement with NorthWest, the GIC commitment would be deployed over four years to build up a portfolio of healthcare facilities.
NorthWest already has a AUD2.5bn platform in Australia and New Zealand. It will seed the trust with three of its Australian assets, valued at AUD412m.
Paul Dalla Lana, chairman and CEO of NorthWest, said it will be one of the largest healthcare real estate funds in the world.
GIC has shown increasing interest in the healthcare and senior-living sectors in Australia.
It formed a joint venture with Tasman Capital to buy National Living Villages (NLV), a retirement village group, in May, and is reported to be interested in Gateway Lifestyle.
GIC was also part of a consortium that unsuccessfully bid AUD4bn for Australia’s leading private hospital operator, Healthscope, in April.
Healthscope has since rejected all bids, while indicating that it is considering selling its portfolio of hospital assets, valued at around AUD1.3bn.
NorthWest, which also bid for Healthscope, has picked up a 10% stake in the company.
When asked last week, Dalla Lana did not rule out NorthWest’s ongoing interest in the Healthscope real estate portfolio.