THE Government of Singapore Investment Corp, manager of more than US$100 billion of the city-state's foreign reserves, said it's an "opportune time" to put money in US real estate investment trusts after prices dropped.
GIC, as the Singapore government's fund manager is known, holds about a 10th of its investments in property, according to Bloomberg News. It said on January 14 it was committing US$300 million to hedge fund Rosen Real Estate Securities LLC, and bought a minority stake in the Californian firm run by Kenneth Rosen, head of the University of California's Fisher Center for Real Estate and Urban Economics.
"With the recent downturn in the US REIT market, we believe this could be an opportune time to invest," Michael Carp, GIC Real Estate's regional head for the Americas, said.