The Government of Singapore Investment Corporation (GIC) has acquired a 50 percent stake in an Australian shopping mall for A$717.5 million (US$580 million), a statement said Tuesday.
GIC Real Estate, the property arm of the state investment vehicle, said on its website that the investment in Westfield Parramatta located in western Sydney will boost its business portfolio.
Westfield Parramatta is a five-level regional shopping centre which counts major retailers such as David Jones, Myer and Woolworths as well as 500 specialty stores among its tenants.
GIC bought the stake from Australia-listed Westfield Group.
"This joint venture with the Westfield Group allows us to partner one of the largest retail property groups in the world," said Seek Ngee Huat, president of GIC Real Estate.
He said the investment will "enhance the performance of our global portfolio of retail properties" which includes interests in Australia's Queen Victoria Building, Bluewater Shopping Centre in Britain and Sunway Pyramid Mall in Malaysia.
GIC has an extensive portfolio that includes Shiodome City Center in Tokyo, Franklin Center in Chicago, Chifley Tower in Sydney and the Seoul Finance Center in South Korea.
GIC Real Estate, the property arm of the state investment vehicle, said on its website that the investment in Westfield Parramatta located in western Sydney will boost its business portfolio.
Westfield Parramatta is a five-level regional shopping centre which counts major retailers such as David Jones, Myer and Woolworths as well as 500 specialty stores among its tenants.
GIC bought the stake from Australia-listed Westfield Group.
"This joint venture with the Westfield Group allows us to partner one of the largest retail property groups in the world," said Seek Ngee Huat, president of GIC Real Estate.
He said the investment will "enhance the performance of our global portfolio of retail properties" which includes interests in Australia's Queen Victoria Building, Bluewater Shopping Centre in Britain and Sunway Pyramid Mall in Malaysia.
GIC has an extensive portfolio that includes Shiodome City Center in Tokyo, Franklin Center in Chicago, Chifley Tower in Sydney and the Seoul Finance Center in South Korea.
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