Singapore’s GIC Private Ltd., ranked as the world’s sixth-largest sovereign wealth fund managing approximately $770 billion in assets, has appointed Jasmine Loo as its new head for South Korea, according to sources familiar with the matter on Wednesday.
Loo, previously Senior Vice President at GIC’s London office, brings extensive experience to her new role, having overseen investments in European multifamily housing and digital infrastructure. Notably, she played a pivotal role in establishing xScale, a joint venture with Equinix, which operates two data centers in Korea.
Her appointment signals GIC’s intent to resume active investments in Korean real estate, leveraging its ownership of prominent landmarks like the Gangnam Finance Center and Seoul Finance Center. Despite the official appointment date not yet disclosed, industry sources anticipate Loo’s arrival will rejuvenate GIC’s strategic initiatives in the Korean market.
Prior to her London tenure, Loo served in GIC’s Shanghai office managing investments across Greater China. She holds dual bachelor’s degrees in bioengineering and business administration from the National University of Singapore, joining GIC in 2011.
In her new capacity, Loo will engage with Korean real estate investment firms, conducting comprehensive due diligence to bolster GIC’s portfolio. Her predecessor, Cai Wenzheng, who led GIC’s Korean real estate division since 2019, will relocate to the Singapore headquarters.
GIC also plans to relocate its Seoul office from Seoul Finance Center to Gangnam Finance Center as part of its expansion strategy in Korea. The sovereign wealth fund has been a significant investor in Korean real estate since acquiring the 30-storey Seoul Finance Center in 2000, followed by the Gangnam Finance Center acquisition in 2004.
Despite recent setbacks, including losses from certain pandemic-affected investments, such as the Dohwa-dong residential project, GIC remains committed to the Korean market. The fund invested in Mastern Investment Management’s fund for the development in 2020, recovering a portion through the subsequent sale to Shinhan Asset Management Co. earlier this year amidst Korea’s real estate project finance challenges.
The strategic appointment of Jasmine Loo and GIC’s upcoming operational shifts underscore its enduring commitment to expanding and optimizing its presence in South Korea’s dynamic real estate sector.
