Singapore, 20 November 2017 – GIC, Singapore’s sovereign wealth fund, announced its participation as a majority investor in a new innovation precinct in Melbourne, Australia. This is a joint project between the University of Melbourne, Lendlease, GIC and Urbanest.

Developed by Lendlease, the innovation precinct will be majority pre-leased to the University of Melbourne for 42 years. The project is adjacent to the University’s main campus 1km north of the Melbourne Central Business District which is accessible via tram and the proposed Melbourne Metro, scheduled for completion by 2026.

Mr Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, “This is an attractive opportunity to invest in a unique educational and commercial hybrid project which is in line with the global emerging trend of innovation hubs being situated around universities. We believe the new innovation precinct will generate resilient cash-flows over the long term and look forward to strengthening our partnership with Lendlease and the University of Melbourne on this project.”