Singapore’s GIC buys into US malls
GIC, the Singapore government’s sovereign wealth fund, has formed a joint venture to invest in five retail malls in the US.
Under the partnership inked with Macerich, GIC has taken a 40 per cent share in five properties, with a series of transactions due to settle between this month and the end of the first quarter of 2016. The value of the purchases was not disclosed.
The five joint venture retail assets are:
- Washington Square in Portland, Oregon. (pictured)
- Los Cerritos Centre in Cerritos, California.
- Arrowhead Towne Centre in Glendale, Arizona.
- Lakewood Centre in Lakewood, California.
- South Plains Mall in Lubbock, Texas.
“We expect these high-quality assets to continue generating steady income streams and are confident of their growth moving forward,” said Lee Kok Sun, regional head for Americas at GIC Real Estate, in a statement.