| The Government of Singapore Investment Corporation (GIC) has reportedly submitted a US$875 million-plus bid to acquire significant retail assets in New Zealand. According to Australia’s Business Spectator, the city-state’s sovereign wealth fund (SWF) is seeking to take possession of Scentre’s shopping malls in the country, as it continues its push into non-traditional assets classes such as real estate.
Scentre itself had taken control of the retail assets in Australia and New Zealand when they were spun-off from conglomerate Westfield earlier this year. Scentre was said to be mulling listing these assets on either the Australian or New Zealand bourse before the GIC offer came in. Scentre’s retail assets include large shopping malls in cities such as Auckland, Christchurch and Wellington...............................................Full Article: Source
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