The Government of Singapore’s Investment Corporation GIC Real Estate has bought a 50% share in a Westfield shopping centre in a suburb of Sydney, Australia
The global real estate investor, which manages Singapore’s foreign reserves, has invested A$717.5m (£298m) in Westfield’s five-story regional shopping centre Westfield Parramatta.
The 1.5m sq ft centre is one of the largest in Australia and is let to retailers such as David Jones, Myer, Kmart, Target, Woolworths, Coles, and Greater Union Cinemas.
Westfield will manage the centre. Parramatta has access to a retail trade area of more than A$6.7bn (£2.78bn).
Dr Seek Ngee Huat, resident of GIC Real Estate, said: ‘This joint venture with the Westfield Group allows us to partner one of the largest retail property groups in the world. With the consistent strong showing by Australia’s retail property sector, we are confident that our investment in Westfield Parramatta will enhance the performance of our global portfolio of retail properties such as our interests in Queen Victoria Building in Australia, Bluewater Shopping Centre in Kent, UK, Roma Est in Rome, Italy, and Sunway Pyramid Mall in Malaysia.’