Staff at Singapore sovereign wealth fund GIC, which has been busy working on the acquisition of major real estate investment trusts in the U.S. and Canada, are giving back to the community in New York City.
One of three firms that invests money on behalf of Singapore's government, GIC recently supported City Harvest by preparing bags of food for people who need it most. The nonprofit group centers on food rescue, or recovering excess food and groceries from nearly 2,000 restaurants, retailers and other donors and distributing it to approximately 400 soup kitchens and other community food programs.
"Had a blast volunteering alongside 50 GIC colleagues to support City Harvest’s 'repack to give back' effort, which is helping to reduce food waste and ensure those who need it the most are well fed this holiday season," GIC's Katy Conrad wrote this month in a LinkedIn post.
GIC has been working to grow its presence in North America. In November, it teamed up with Centerbridge Partners to make an offer to acquire Indus Realty Trust. Also in November, GIC teamed up with Toronto-based Dream Industrial REIT to make an offer to buy Summit Industrial Income REIT of Toronto.
And in September, GIC and Chicago-based Oak Street struck a $14 billion deal to buy publicly traded REIT Store Capital.
City Harvest rescues and delivers more than 200,000 pounds of food every day, according to its website. "Since our founding 40 years ago, we have rescued and delivered more than one billion pounds of food to help feed New Yorkers experiencing food insecurity," the company said.