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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

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Published Thu, Nov 6, 2014 · 09:50 PM

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Sydney

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 its managed trust, will use the proceeds to repay debt, the company said in a statement.

GIC

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