GIC inks $2.1b JV with Scentre Group to buy five malls in New Zealand

Just three days after its first property deal in NZ.

GIC has entered into a joint venture partnership with Scentre Group, owner and operator of Westfield in Australia, to acquire five shopping centres located in New Zealand with a combined gross value of $2.1b (NZ$2.1 billion).

Following the transaction, GIC will own a 49% interest in five shopping centres in New Zealand, namely, Westfield Albany, Westfield Manukau, Westfield Newmarket, Westfield Riccarto, and Westfield St Lukes.

Scentre manages 9 shopping centres in New Zealand with annual sales in excess of $1.99b (NZ$2b) and approximately 70 million annual customer visits.

GIC’s partnership with Scentre includes the joint ownership of Westfield Parramatta and Westfield Whitford City located in Australia.

The announcement comes just three days after the sovereign wealth fund made its maiden real estate investment in New Zealand with its partner Goodman Fielder.

The transaction remains subject to approval of the Overseas Investment Office, New Zealand.

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