GIC announced its participation as a majority investor in a new innovation precinct in Melbourne, Australia. This will be a joint project with the University of Melbourne, Lendlease, GIC, and Urbanest.

Developed by Lendlease, the precinct will be majority pre-leased to the University of Melbourne for 42 years. The development is adjacent to the University’s main campus, and will be served by tram services and the proposed Melbourne Metro, scheduled for completion by 2026.

Lee Kok Sun, chief investment officer at GIC, says this is an attractive opportunity to invest in a unique educational and commercial hybrid project, and in line with the global emerging trend of innovation hubs situated around universities.