GIC, Australand set up logistics JV, target A$450 mln investment

SINGAPORE, June 1 Wed Jun 1, 2011 2:19am EDT

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SINGAPORE, June 1 (Reuters) - Australand Property Group , which is part owned by Singapore's CapitaLand , said on Wednesday it has set up a logistics joint venture with Singapore sovereign fund GIC. The venture has a target investment size of A$450 million.

The joint venture will initially invest in a portfolio of eight prime industrial assets that will come from Australand, with a total value on completion of A$220 million, Australand said.

Australand will manage the joint venture and will hold a 19.9 percent stake, with GIC holding the remaining 80.1 percent, the Australian company said in a filing to the Australian and Singapore exchanges. (Reporting by Kevin Lim)