GIC snaps up Seoul retail mall for $347.9m

In collaboration with Canada Pension Plan.

GIC has inked a joint venture agreement with Canada Pension Plan Investment Board (CPPIB) to acquire the D-Cube Retail Mall in Seoul, South Korea from Daesung Industries for a total consideration of $347.9m (US$263 million).

The mall is situated next to Sindorim Station, a major transportation hub connecting Seoul with Incheon and other major metropolitan cities near Seoul.

Following the transaction, GIC and CPPIB will each own a 50% stake in the mall. It will be rebranded as Hyundai Department store and will be operated by top Korean retail operator Hyundai.

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