GIC, Australia's Vicinity Centres to swap Sydney shopping mall, CBD assets

Singapore

SINGAPORE'S sovereign wealth fund GIC and Australian property group Vicinity Centres have agreed to undertake a property swop.

Vicinity will exchange a 49 per cent stake in Chatswood Chase Sydney mall worth A$562.3 million (S$586.7 million) for a 50 per cent stake in GIC's Queen Victoria Building, The Galeries and The Strand Arcade (known as the Sydney CBD Centres), worth A$556 million.