Tuesday, January 29, 2013

GIC invests in British mortgage programme


THE Government of Singapore Investment Corporation (GIC) invested in a mortgage programme that will provide loans for commercial property in the United Kingdom, Laxfield Capital said

The Straits Times
January 29, 2013

THE Government of Singapore Investment Corporation (GIC) invested in a mortgage programme that will provide loans for commercial property in the United Kingdom, Laxfield Capital said.

The lending programme will invest as much as £1 billion (S$1.95 billion) over the next 24 months, Laxfield, a London-based mortgage firm, said on its website.

GIC, the Singapore sovereign wealth fund managing more than US$100 billion (S$123 billion) of reserves, confirmed the investment in an e-mail and declined to disclose the amount of funds injected.

Real estate investments accounted for 10 per cent of GIC's portfolio as of March 2012, unchanged from the previous year, the Singapore fund said in its latest annual review in July.

Property investments are "part of the diversified portfolio that GIC manages and serves as a good hedge against inflation". according to a recent statement.

The Laxfield programme "complements our existing direct junior debt investment strategy, which we will continue to pursue," Mr Chris Morrish, regional head of Europe at GIC Real Estate, said in the statement.

The programme will provide loans of between £40 million and £185 million with durations of five to seven years for commercial properties including office and retail, Laxfield said.

The programme will also seek joint investments with other lenders where GIC will retain "a substantial junior investment in each loan", according to the statement.

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