GIC, Mega Manunggal to spend S$1 billion on Indonesian warehouse

JAKARTA (BLOOMBERG) - Singapore sovereign wealth fund GIC and Indonesian warehouse provider Mega Manunggal Property are spending a total of S$1 billion over the next three years in Southeast Asia's biggest economy.

The companies formed Mega Khatulistiwa Properti, an investment company with over 115,000 square meters of total net leasable area, Mega Manunggal said in a statement to the Jakarta stock exchange on Thursday.

The transaction adds to recent real-estate deals by GIC, one of the biggest property investors. GIC and Dubai-based GSA bought a portfolio of UK student housing projects from funds managed by Oaktree Capital Management.

Singapore's state fund this month also announced it invests in German student accommodation.