Singapore's GIC, Host Hotels in property venture

SINGAPORE, March 25 (Reuters) - The real estate arm of the Government of Singapore Investment Corp (GIC) and Host Hotels & Resorts Inc have set up a joint venture to pursue investments in Asia and Australia, both companies said in a statement on Tuesday.

Both partners will invest a maximum of $600 million of equity into the venture, with Host Hotels, the largest U.S. hotel real estate investment trust, owning a 25 percent stake. GIC is Singapore's largest sovereign wealth fund.