The island nation’s sovereign wealth fund GIC Pte. Ltd. is particularly interested in London, according to head of real estate Goh Kok Huat.
Singapore’s sovereign wealth fund, one of the biggest state-backed funds in the world, is still looking at investing in commercial real estate in the United Kingdom, the Wall Street Journal reported.
“We are not pulling back from the U.K.,” GIC’s chief operating officer and president of real estate Goh Kok Huat told a gathering of property investors in Brighton. “We are still open for business,” he said.
The U.K. property market has been a draw for international investors on the lookout for yield amid low interest rates. This rings true particularly in London, where sharp price increases have prompted market watchers to warn of overheating.
GIC owns property in 40 countries and has 150 employees in nine countries, Goh said. The fund invests in real estate exclusively outside Singapore, as per its mandate.
About 50 per cent of its property holdings are in Asia, with an almost even split for the other half of the world between the Americas and Europe, he added.
Visit Wall Street Journal for more.
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