SINGAPORE sovereign wealth fund GIC has entered into a joint venture with US-listed retail real estate investment trust (Reit) Macerich to invest in a 40 per cent interest in five retail assets in the US.
The transactions are subject to closing conditions and are expected to close in phases starting in October 2015 and concluding in the first quarter of 2016, GIC said in a press release.
The five joint venture retail assets are: Washington Square in Portland, Oregon; Los Cerritos Centre in Cerritos, California; Arrowhead Towne Centre in Glendale, Arizona; Lakewood Centre in Lakewood, California; and South Plains Mall in Lubbock, Texas.
Lee Kok Sun, regional head for Americas at GIC Real Estate, said that GIC expects the assets to generate steady income streams and is confident of their growth moving forward.
"As a long-term value investor, we look forward to partnering with Macerich, one of the premier owners and operators of shopping centres in the US, as they share our core investment belief of being long term."