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GIC, Canada's CPPIB in JV deal to acquire Seoul mall for US$263m

SINGAPORE sovereign wealth fund GIC and the Canada Pension Plan Investment Board (CPPIB) have entered into a joint-venture (JV) partnership to acquire D-Cube Retail Mall in Seoul from Daesung Industries for US$263 million.

GIC and the CPPIB will each own a 50 per cent stake in the mall, they announced in a joint statement on Monday.

D-Cube Retail Mall, completed in 2011, is situated next to Sindorim Station, a major transportation hub connecting Seoul with Incheon and other major metropolitan cities near Seoul.

The mall will be rebranded as Hyundai Department Store and operated by Hyundai, one of the top retail operators in South Korea. Working alongside GIC and the CPPIB, Hyundai will reposition the mall to better serve the Korean retail market's expected steady growth over the long term.