The GIC Real Estate Ptc Ltd. contributed $717.5 million, in linewith the book value of the property as of December 31st, andWestfield has rolled its remaining 50% interest in the propertyinto the new fund.
"This joint venture allows us to partner with one of the largestretail property groups in the world," says GIC RE president SeekNgee Huat in announcing the agreement yesterday. "With theconsistent showing by Australia's retail property sector, we areconfident that our investment in Westfield Parramatta will enhancethe performance of our global portfolio."
Other shopping centers invested in by GIC RE include the QueenVictoria Building in Australia, Roma Est in Rome and Sunway PyramidMall in Malaysia. GIC RE hopes to pursue future retail projectsglobally, says Huat, and will seek to join Westfield in moreAustralian deals.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
