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GIC to invest NZ$1.04b in five New Zealand shopping malls

Deal follows its tie-up with an NZ property trust to co- invest in Auckland assets


SINGAPORE'S sovereign wealth fund GIC will buy a 49 per cent stake in five malls in New Zealand from Scentre Group in a transaction valued at NZ$1.04 billion (S$1.04 billion).

Scentre, the Australian and New Zealand-focused mall operator spun off from Westfield Group, and