is buying an office asset in Brazil, its first wholly owned investment in the Latin America region.
The Singaporean sovereign wealth fund said it agreed to buy the Eco Sapucai property in Rio de Janeiro through an affiliate.
The 86,060sqm project is currently under development by private equity fund manager HemisfeΜrio Sul Investimentos (HSI), with completion due in the first quarter of next year.
Tia Miyamoto, head of Americas at GIC Real Estate, said his company expected βstrong demandβ for the property would translate into a stable income stream.
, GIC said it would invest in Indonesian property with local developer Rajawali Group.
The joint venture will invest up to $500m (β¬400m) in development projects, including office, retail, residential and mixed-use assets, with a focus on Jakartaβs central business district.
In October, GIC it would take a 20% stake in a Turkish real estate developer.
The investor agreed to take the shareholding in RΓΆnesans Gayrimenkul YatΔ±rΔ±m (RGY), the real estate arm of Turkeyβs RΓΆnesans Group.
GIC will inject β¬250m into RGY, which will use the capital for acquisitions and new developments across Turkey.
