GIC Singapore goes shopping in Sydney

GIC Real Estate is to pay $597 million to acquire a 50% share in Sydney's Westfield Parramatta mall.

GIC Real Estate in Singapore announced on April 30 that it will pay A$717.5 $597.4 million to acquire a 50% ownership interest in a shopping centre in Sydney's western suburb of Parramatta.

The Westfield Group, the current owners of the mall, and GIC Real Estate will form a joint venture in which both will be equal partners. The valuation of Westfield Paramatta at A$1.4 billion is based on the book value as on December 31, 2006. The Westfield Group will...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: gic real estate | westfield paramatta

Print Edition

FinanceAsia Print Edition

EVENTS