GIC, Singapore's sovereign wealth fund, has invested $136 million in a shopping mall in Seoul, South Korea.
The investor acquired an interest in G-Square City Retail Complex, located in the center of Anyang city, a metropolitan area of southern Seoul. The mall spans around 2.6 million square feet across 28 floors.
The mall is operated by Lotte Shopping, a retail operator with the largest number of department stores across South Korea. It will be managed by IGIS Asset Management, one of the country’s largest 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,” commented Lee Kok Sun, chief investment officer, GIC Real Estate.
The Seoul shopping center is not GIC’s first retail investment in South Korea. Last May it teamed-up with the Canada Pension Plan Investment Board (CPPIB) to form a joint venture to acquire a retail mall in Seoul for $263 million.
Back in July, GIC also made another South Korea investment when it purchased the newly built Hyundai Logistics Distribution Center, located in the city of Incheon, South Korea, for $130 million.
GIC Real Estate manages a multi-billion dollar portfolio of both direct and indirect property investments worldwide. The investor has exposure to multiple property sectors including office, retail, residential, industrial and hospitality. Apart from making both direct and indirect investments into real estate, the group also undertakes joint ventures with external managers, invests in public real estate securities and makes commitments to private real estate funds.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
