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Singapore sovereign wealth fund GIC has acquired an interest in a retail mall in Seoul, South Korea for US$136 million (S$192 million).
Completed in 2012, G-Square City Retail Complex spans 238,248.43 sq m across 28 floors. It is situated in a prime location within the centre of Anyang city, a metropolitan area of southern Seoul, with direct access to a subway line. The landmark complex also includes a 34,681 sq m office tower.
In a release, GIC revealed that the mall is operated by Lotte Shopping Co., a top retail operator with the biggest number of department stores in South Korea. It will be managed by IGIS Asset Management, one of the country’s biggest real estate management companies.
“G-Square, being a dominant and well-located retail mall, is in line with our strategy of acquiring stable, income-generating assets. As a long-term investor, we remain confident in the continued growth of the Korean economy and its retail sector,” said Lee Kok Sun, Chief Investment Officer, GIC Real Estate.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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