06 November 2014
GIC has entered into a joint venture partnership with Scentre Group (“Scentre”), owner and operator of Westfield in Australia, to acquire five shopping centres located in New Zealand with a combined gross value of NZ$2.1 billion (US$1.6bn).
Following the transaction, GIC will own a 49% interest in each of these shopping centres in New Zealand:
- Westfield Albany
- Westfield Manukau
- Westfield Newmarket
- Westfield Riccarton
- Westfield St Lukes
GIC is acquiring a high-quality portfolio of regional shopping centres. These centres are dominant in their catchments and provide a stable income stream. They are well-positioned to capture the long-term growth of the New Zealand economy.
Scentre is the largest shopping centre operator in New Zealand managing 9 shopping centres with annual sales in excess of NZ$2bn (US$1.7bn) and approximately 70 million annual customer visits. Approximately 70% of the New Zealand population live within 30 minutes of a Scentre shopping centre.
GIC’s partnership with Scentre includes the joint ownership of Westfield Parramatta and Westfield Whitford City located in Australia.
The transaction remains subject to approval of the Overseas Investment Office, New Zealand.