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GIC partners Rajawali to invest in property in Indonesia

SINGAPORE — Sovereign wealth fund GIC has tied up with the Rajawali Group, one of the largest investment firms in Indonesia, to jointly invest up to US$500 million (S$652 million) in equity in property projects in South-east Asia’s largest economy.

SINGAPORE — Sovereign wealth fund GIC has tied up with the Rajawali Group, one of the largest investment firms in Indonesia, to jointly invest up to US$500 million (S$652 million) in equity in property projects in South-east Asia’s largest economy.

The joint venture will explore opportunities in sectors such as office, retail, residential and mixed-use projects mainly in the central business district of Jakarta, the two firms said in a joint statement yesterday.

The tie-up follows a successful collaboration between GIC and Rajawali in the development of a 47-storey Grade A office tower in the heart of Jakarta’s CBD.

The tower, named Capital Place, is part of a mixed-use development that includes the all-suite luxury St Regis Jakarta hotel and a retail podium for food and beverage outlets. Construction is expected to be completed by the end of next year.

Mr Loh Wai Keong, Asia co-head of GIC Real Estate, said: “GIC is confident in Indonesia’s long-term growth potential and believes we can create value through the acquisition of assets in prime locations and active asset management. An integral part of our investment strategy is to build long-term partnerships with reputable local partners with strong track records such as Rajawali.”

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