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February 13, 2020 Comments Off on GIC Wealth Fund Takes Stake in Industry City Views: 815 New York News, Top New York

GIC Wealth Fund Takes Stake in Industry City

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Singapore’s GIC Pte. Ltd. sovereign wealth fund has acquired a stake in Brooklyn’s Industry City, the Wall Street Journal reported, citing sources familiar with the transaction. The undisclosed share of Angelo Gordon’s stake in the six-million-square-foot riverfront industrial park values Industry City at $1.3 billion.

The complex’s other owners, which include Belvedere Capital Real Estate Partners, Jamestown LP and original investors Abraham Fruchthandler and Rubin Schron, have presented plans for rezoning that would allow them to build three new buildings, a school and more retail space.

The rezoning proposal—which has met with community opposition—is slated to come before the City Planning Commission next week, the WSJ reported. A City Council vote would follow in May.

A Cushman & Wakefield team of Doug Harmon, Adam Spies and Kevin Donner brokered the sale to GIC. The ownership in Industry City by Angelo Gordon’s partners isn’t affected by the GIC investment.

Read more at Wall Street Journal

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