Real Estate

Charter Hall taps GIC veteran to manage A$3.5 billion Australian office property fund

Matthew Brown joined Charter Hall Group as fund manager of the listed Sydney-based real estate investment boutique's A$3.5 billion ($2.8 billion) Prime Office Fund.

Mr. Brown replaces Craig Newman, who left a month ago to join Blackstone Group in Sydney. Mr. Newman is a managing director and leads the firm's Australian asset management team, confirmed a spokeswoman.

Mr. Brown had been a senior vice president and at GIC Real Estate, the real estate investment division of Singapore sovereign wealth fund GIC Private Ltd. GIC does not disclose its assets but is estimated to have about $350 billion.

Mr. Brown was responsible for "overseeing the execution of GIC's Asia real estate investment strategy together with managing GIC's existing Asia real estate portfolio," according to a Charter Hall news release.

GIC spokeswoman Mah Lay Choon declined to comment.

In the Charter Hall news release, David Harrison, the firm's managing director and CEO, said his firm will "continue to develop strong relationships" with clients that co-invest alongside the firm. On that score, Mr. Brown "brings a wealth of knowledge (that) should complement the existing 11-year relationship Charter Hall and GIC have enjoyed," he said.

The Charter Hall spokesman declined to provide further details regarding the firm's business ties with GIC.

Charter Hall has more than A$19.8 billion in assets under management across Australia's office, retail and industrial sectors, according to the news release.