GIC, Canada pension fund to buy Seoul mall for US$263m
Investment reflects confidence in long-term growth of Korean domestic demand, says GIC
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GIC and the Canada Pension Plan Investment Board (CPPIB) have bought the retail mall portion of South-Korean megacomplex D-Cube City for US$263 million, the acquirers announced on Monday.
GIC, which helps to manage Singapore's reserves, will own a 50 per cent stake in D-Cube Retail Mall, with CPPIB taking the other half.
The mall, which sits next to the major transportation hub Sindorim Station in Seoul, was completed in 2011. It occupies about 116,000 square metres of space in D-Cube City, a multi-use project that includes a theme park, a hotel, offices, residences and an arts centre.
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