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.
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