GIC is buying an office asset in Brazil, its first wholly owned investment in the Latin America region.

The Singaporean sovereign wealth fund said it agreed to buy the Eco Sapucai property in Rio de Janeiro through an affiliate.

The 86,060sqm project is currently under development by private equity fund manager Hemisfério Sul Investimentos (HSI), with completion due in the first quarter of next year.

Tia Miyamoto, head of Americas at GIC Real Estate, said his company expected “strong demand” for the property would translate into a stable income stream.

Last month, GIC said it would invest in Indonesian property with local developer Rajawali Group. 

The joint venture will invest up to $500m (€400m) in development projects, including office, retail, residential and mixed-use assets, with a focus on Jakarta’s central business district.

In October, GIC announced it would take a 20% stake in a Turkish real estate developer. 

The investor agreed to take the shareholding in Rönesans Gayrimenkul Yatırım (RGY), the real estate arm of Turkey’s Rönesans Group. 

GIC will inject €250m into RGY, which will use the capital for acquisitions and new developments across Turkey.