SINGAPORE: The Government of Singapore Investment Corporation (GIC) has paid nearly 300 million pounds (613 million US) for a 50 percent stake in a British shopping mall, a statement said Tuesday.
GIC Real Estate, the property arm of the state investment agency, acquired the stake through an affiliate in WestQuay Shopping Centre in Southampton from Hammerson plc, it said. GIC said its stake will be held under a joint venture partnership with Hammerson.
"This joint venture represents an excellent opportunity to acquire a premier shopping destination in the heart of Southampton," said Seek Ngee Huat, president of GIC Real Estate.
"We look forward to partnering Hammerson, a leading European real estate company, on this investment." GIC Real Estate has invested significantly in Britain this year, having announced in June it bought Merrill Lynch's flagship office building in London for 480 million pounds.
In March, GIC Real Estate also announced it paid 426 million pounds for a 40 percent stake in MetroCentre, a major shopping mall located in Gateshead in northeast England.
GIC Real Estate has been expanding its portfolio in the world's major cities including Tokyo, Munich, Sydney and Seoul. GIC is one of two investment vehicles of the Singapore government, the other being Temasek Holdings.
It manages the country's foreign exchange reserves and more than 100 billion US dollars' worth of global investments in stocks, bonds and properties, among other assets.
