| While the Government Investment Corporation of Singapore is shaping up as the most likely buyer of the Westfield shopping centres in New Zealand, the owner of the properties, Westfield’s recently relaunched Australasian shopping centre landlord Scentre Group, is believed to be facing challenges convincing the sovereign wealth fund to pay up when it comes to management fees.
In a situation somewhat echoing the recent restructure of Westfield’s $70 billion global empire, the fees Scentre wants to charge GIC to manage the centres on its behalf appear to be the sticking point. Scentre’s asking price for the assets is believed to be $3bn, in a deal where Westfield would retain the right to manage the centres for a fee charged back to GIC. It is also still unclear whether the shopping centre giant would sell all or only some of the centres...............................................Full Article: Source
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