Safehold announced that it has entered into a joint venture arrangement with an unnamed sovereign wealth fund focused on new acquisitions for ground lease investments.
The REIT said it has committed approximately $275 million for a 55% interest in the joint venture, and the SWF committed approximately $225 million for a 45% interest in the joint venture. The Sovereign Wealth Fund Institute believes the unnamed fund is GIC Private Limited, Singapore's SWF which is also one of the REIT's largest shareholders, but this has not been confirmed by GIC.
"As we navigate the rapidly changing market environment and volatile capital markets, this partnership provides Safehold with accretive capital to help serve our customers," said Marcos Alvarado, president and chief investment officer.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
