Nov 07, 2014

    GIC acquires 5 New Zealand malls in JV

    SOVEREIGN wealth fund GIC is increasing its interests in the real-estate sector in New Zealand.

    It said yesterday that it has entered into a joint-venture partnership with Scentre Group to acquire five New Zealand malls with a combined gross value of NZ$2.1 billion (S$2.1 billion).

    GIC will own a 49 per cent interest in each of the five malls: Westfield Albany, Westfield Manukau, Westfield Newmarket, Westfield Riccarton and Westfield St Lukes.

    Scentre is New Zealand's largest shopping-centre operator, managing about nine shopping centres with annual sales in excess of NZ$2 billion.

    The malls have about 70 million customer visits every year.

    About 70 per cent of New Zealand's population live within 30 minutes of a Scentre shopping centre, GIC added.

    The partnership with Scentre includes the joint ownership of two malls in Australia - Westfield Parramatta and Westfield Whitford City - though the value was not made known.

    This is GIC's second investment in New Zealand's real-estate sector.

    It announced on Monday that it will make its foray in New Zealand, taking a 49 per cent stake in a joint venture with Goodman Property Trust, where they will invest in a major Auckland waterfront precinct.