GIC has partnered with Brookfield on several joint ventures and investments. For example, in May 2023, Brookfield India REIT (BIRET) and GIC announced the acquisition of two major commercial assets totalling 6.5 million sq ft, for a combined enterprise value of US$1.4 billion ($1.8 billion), from Brookfield Asset Management’s private real estate funds. In 2019, GIC and Brookfield Infrastructure Partners invested in an Indian telecom tower company with 15,000 towers, valued at US$3.4 billion, which serves Reliance Jio Infocomm.
Brookfield Asset Management has recently made headlines. On May 16, Mapletree Industrial Trust (SGX:ME8U
) announced the sale of three properties to Brookfield for $535.3 million. The assets include The Synergy and The Strategy in International Business Park, alongside The Woodlands Central Cluster, a high-tech building. The land lease for each property runs for 60 years, commencing in 2008.
When The Edge Singapore caught up with Udhay Mathialagan, CEO of Brookfield’s Global Data Center Group, he was between meetings, including investor forums. He highlighted the significance of the city-state, saying: “Singapore is an important place for us. We have a number of capital partners in this part of the world, including Singapore. We are always in Singapore to meet with our global hyperscale clients, and we have very significant investors based in Singapore.”
