SINGAPORE: GIC Real Estate is buying a 50 percent stake in Sydney's Westfield Parramatta Centre, one of the largest shopping centres in Australia.
GIC Real Estate is the property arm of the Government of Singapore Investment Corp.
It is paying A$717.5 million or about S$903 million for the purchase.
The deal is seen as a joint venture between GIC Real Estate and Australia's Westfield Group.
The Australian shopping centre developer has been appointed property, leasing and development manager of the centre.
Parramatta is seen as the second central business district in Sydney.
GIC Real Estate has been looking for opportunities in the region to build up its portfolio.
Besides Australia, it currently has interests in retail properties in the UK, Italy and Malaysia.
GIC Real Estate is the property arm of the Government of Singapore Investment Corp.
It is paying A$717.5 million or about S$903 million for the purchase.
The deal is seen as a joint venture between GIC Real Estate and Australia's Westfield Group.
The Australian shopping centre developer has been appointed property, leasing and development manager of the centre.
Parramatta is seen as the second central business district in Sydney.
GIC Real Estate has been looking for opportunities in the region to build up its portfolio.
Besides Australia, it currently has interests in retail properties in the UK, Italy and Malaysia.
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