GIC sells Oz mall stake at a loss, buys stake in European resort firm
GIC, Singapore’s sovereign wealth fund, has sold back its 49 percent stake in Sydney mall Chatswood Chase to Vicinity Centres for A$307 million (US$195 million), representing a 45 percent discount from the A$562 million (US$356 million) GIC paid Vicinity Centres for the stake six years ago, according to The Australian Financial Review.
Vicinity Centres, which holds the remaining 51 percent share of the asset, has plans under way for an A$620 million (US$393 million) refurbishment of Chatswood Chase intended to boost the lower-ground dining and fresh food courts In addition, the plans include development of a rooftop “office village”.
“Premium retail assets such as Chatswood Chase are a key pillar of our strategy and are an important enabler of resilient income growth and sustained value accretion through cycles,” said Peter Huddle, CEO of Vicinity Centres, in a 31 October article reported by Business News Australia. Huddle noted the firm is