CORRECT: Singapore's GIC expands NZ presence, buying into 5 Westfield malls

Fri, 07 Nov 2014

(Corrects second paragraph to show previous investment was $313 million) By Suze Metherell Nov. 7 (BusinessDesk) - GIC, the Singaporean investment fund, has entered a joint venture with Scentre Group, the trans-Tasman Westfield mall owner and operator, paying $1 billion to take a 49 percent stake in five New Zealand shopping centres. Under the joint venture, Singapore's sovereign wealth fund will invest in four malls in Auckland and one in Christchurch, worth $2.1 billion, the listed owner of Westfield said in a statement to the ASX....

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