Goodman Property Trust, the country's largest listed property investor by market capitalisation, has entered into a joint venture with Singapore's GIC to co-invest in its Auckland Viaduct Quarter development.

The Auckland-based investor will retain a 51 percent stake in the portfolio valued at $313 million, and marks the Singapore-based sovereign wealth fund's first real estate investment in New Zealand, Goodman (NZ), the trust's manager, said in a statement. The partnership expects the portfolio grow to $500 million over time. GIC is a global investment firm with over US$100 billion assets under management.

Goodman has been looking for a joint venture partner to build its Vidauct Corporate Centre, on Auckland's waterfront, having bought the Air New Zealand building and a 50 percent interest in the corporate centre in 2006. The development grew when Goodman bought the new Fonterra Cooperative Group's building, which it is developing with Fletcher Building.

"The introduction of a like-minded partner gives Goodman the capacity to expand its investment in the Viaduct Quarter, enhancing the overall portfolio without the requirement for any significant new funding" said Goodman chief executive John Dakin.

The deal is pending approval from the Overseas Investment Office and certain approvals from the free hold land owner of the Air NZ and Fonterra buildings.

Units of Goodman rose 1.4 percent to $1.115 and have gained 12 percent this year.