| A billion dollar property deal by Singapore for a stake in some of New Zealand's top shopping malls shows the super city model has made Auckland attractive to overseas investors, a property industry boss says. Singapore Government's investment fund GIC has paid A$930 million ($1.1 billion) for 49 per cent ownership in five Westfield Shopping Centres as part of a joint venture with the malls' owner, the ASX-listed Scentre Group.
Four of the five malls are in Auckland, at Albany, Manukau, Newmarket and St Lukes, with the other one in Riccarton in Christchurch. Scentre will continue to manage them. Its Glenfield, WestCity, Queensgate in Wellington and Chartwell in Hamilton are not involved in the deal...............................................Full Article: Source
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