GIC plans to open new Australian office to focus on investment opportunities

SINGAPORE'S GIC is planning to open a new office in Sydney next year, its 11th worldwide, to focus on investment opportunities in Australia, the sovereign wealth fund said in a press statement on Monday.

The global investment firm currently holds an Australian portfolio with investments across various sectors such as real estate and logistics. It said the portfolio has been seeing steady growth.

"This planned office opening will further capitalize on GIC's private market capabilities to generate good, risk-adjusted returns for the overall portfolio," GIC said in the statement.

Lim Chow Kiat, GIC chief executive, said: "We believe the new office will better support the management of our existing assets and increase interaction with local partners so we can generate more value-add together."