From The Australian:
IN less than a year, one of the world’s top 10 property investors, the Singapore-based GIC Real Estate (GIC RE), has lost more than $360 million in just two investments in Australia.
The losses stem from the collapse in the unit prices of GPT Group and Mirvac Group. GIC RE invested a total of about $585 million in these two listed entities.
With a property portfolio worth more than $3.5 billion in Australia, GIC has yet to crystallise potential losses in its direct property holdings in Australia.
Its losses from investment in listed entities in Australia have come as part of its $S50 billion ($51 billion) writedown across all GIC investments, including real estate.
The Singapore behemoth took up 300 million GPT securities at the issue price of 60c a piece in addition to a $250 million placement last October.
It has already acquired a 1.9 per cent stake in the trust at prices ranging from $1.96 to $1.45 a share.
GIC RE is now the single largest shareholder in GPT, with a stake of more than 13 per cent.
Read the full article here.