It is being tipped as the largest direct industrial property portfolio sale in Australia to date: GIC Private, the Singaporean sovereign wealth fund, is understood to be preparing to put its massive industrial and logistic property portfolio in Australia on the market.
At press time, a number of sources confirmed to PERE that a formal sales process was set to commence imminently. Colliers International and Jones Lang LaSalle have been appointed to handle the sale.
GIC declined to comment. However, according to local Australian media, the portfolio comprises of a total of 25 assets, worth nearly $1 billion.
GIC’s industrial holdings in Australia can be divided into two portfolios. One is the firm’s 80.1 percent interest in a five-year joint venture partnership with Australand, which was formed in 2011 with a target investment value of A$450 million. Australand had initially seeded the venture with eight industrial properties. The other portfolio consists of a number of directly owned properties, which include a portfolio of industrial properties GIC had reportedly acquired for more than $200 million from the Salta Property Group in the year 2010.