1 October 2015 – GIC has entered into a joint venture partnership with the Macerich Company to invest in a 40% interest in five retail assets. The transactions are subject to closing conditions and are expected to close in phases starting in October 2015 and concluding in the first quarter of 2016.
The five joint venture retail assets are:
- Washington Square in Portland, Oregon
- Los Cerritos Centre in Cerritos, California
- Arrowhead Towne Centre in Glendale, Arizona
- Lakewood Centre in Lakewood, California
- South Plains Mall in Lubbock, Texas
Lee Kok Sun, Regional Head for Americas, GIC Real Estate, said, “We expect these high-quality assets to continue generating steady income streams and are confident of their growth moving forward. As a long-term value investor, we look forward to partnering with Macerich, one of the premier owners and operators of shopping centres in the US, as they share our core investment belief of being long-term.”