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Singapore sovereign fund GIC and Canada Pension Plan Investment Bond (CPPIB) on Monday (18 May) announced its joint venture partnership to acquire a retail mall in Seoul, South Korea for a total consideration of US$263 million (S$348 million).
GIC and CPPIB will each own a 50 percent stake in the D-Cube Retail Mall following the acquisition from Daesung Industries.
D-Cube Retail Mall is situated next to Sindorim Station, a major transportation hub connecting Seoul with Incheon and other major metropolitan cities near Seoul. The mall will be rebranded as Hyundai Department store and will be operated by Hyundai.
GIC Real Estate Managing Director and Co-Head Asia, Loh Wai Keong, said, “Our investment in the D-Cube Retail Mall reflects our confidence in the long-term growth of Korean domestic demand and is consistent with our strategy of acquiring high-quality, centrally-located assets with upside potential.”
“The D-Cube Retail Mall is a prime retail asset located in a growing and affluent area, and through this investment, we are pleased to gain exposure to one of the largest retail markets in Asia, working alongside experienced and aligned partners.” said Jimmy Phua, Managing Director, CPPIB Head of Real Estate Investments Asia.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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