Singapore's GIC has entered into a joint venture partnership with Scentre Group, owner and operator of Westfield in Australia, to buy five shopping centres, worth a combined gross value of NZ$2.1 billion, in New Zealand.
GIC will own a 49 per cent interest in each of the following shopping centres in New Zealand: Westfield Albany, Westfield Manukau, Westfield Newmarket, Westfield Riccarton and Westfield St Lukes.
Scentre is the largest shopping centre operator in New Zealand managing 9 shopping centres with annual sales in excess of NZ$2 billion and about 70 million annual customer visits.
About 70 per cent of the New Zealand population live within 30 minutes of a Scentre shopping centre.
GIC's partnership with Scentre includes the joint ownership of Westfield Parramatta and Westfield Whitford City located in Australia.
The transaction remains subject to approval of the Overseas Investment Office, New Zealand.