GIC joint ventures to invest in US offices

SINGAPORE • Singapore's sovereign wealth fund GIC said yesterday it has formed joint ventures with investors to buy more than 2.1 million sq ft of office assets in Washington DC, in an investment of more than US$1.05 billion (S$1.5 billion).

One of the joint ventures includes the purchase of Lafayette Centre located in the Central Business District sub-market.

GIC, an established global real estate investor, has more than 350 property-related investments in more than 40 countries.

REUTERS

Qantas, Air NZ report H1 profit declines

SYDNEY/WELLINGTON • Qantas Airways and Air New Zealand reported first-half profit declines as an expansion in capacity by rivals hit international airfares, but both airlines said they expect the fierce competition to moderate.

Air New Zealand was hit harder, with its profit before tax tumbling by a quarter to NZ$349 million (S$356 million) and its revenue per available seat kilometre dropping 14.3 per cent on long-haul international routes.

Qantas booked a 7.5 per cent slide in first-half underlying profit before tax, its most closely watched measure, to A$852 million (S$927 million).

REUTERS, AGENCE FRANCE-PRESSE