GIC invests S$192m in Seoul shopping complex

G-Square City Retail Complex, a high-quality retail mall in Seoul, South Korea.
G-Square City Retail Complex, a high-quality retail mall in Seoul, South Korea.PHOTO: GIC

SINGAPORE - GIC said on Monday (Nov 14) that it has invested US$136 million (S$192.4 million) to acquire an interest in G-Square City Retail Complex, a high-quality retail mall in Seoul, South Korea.

Completed in 2012, G-Square spans 238,248.43 square metres across 28 floors. The building is situated in a prime location in the centre of Anyang city, a metropolitan area of southern Seoul, with direct access to a subway line. The complex also includes a 34,681 sq m office tower.

The mall is operated by Lotte Shopping Co, 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.

Said Mr Lee Kok Sun, chief investment officer at GIC Real Estate Pte Ltd: "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."