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...

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