Regions

The venture is expected to significantly expand the South Korean investor’s real estate platform business, which was launched last year.

The pension’s December commitments included $400m to a co-investment vehicle with Blue Owl and $75m to a new manager relationship.

The 16-year GIC real estate veteran will replace Gallistel, who is joining CBRE IM as the co-chief executive.

The pension plan favors core assets and is launching an emerging manager program.

The industry’s largest funds used to consistently buck industry trends. That is increasingly not the case.

Just $131.1bn was raised last year for private real estate funds, marking a third consecutive year of decline.

The Oslo-based manager picked up a 45% stake in a joint venture with Australian outfit Goodman, which will maintain its 55% ownership.

Favorable pricing and undersupply will help to bolster performance in real estate’s most maligned sectors, says global head of research Josh Scoville.

Economies and investors need more time to digest the aftermath of a year dominated by political elections, says BlackRock’s Simon Durkin.

The firm’s head of real estate strategy expects the sector – previously hard hit by rate hikes – recovering faster than other asset classes.