GIC invests $192m in Seoul retail mall G-Square

G-Square City Retail Complex in southern Seoul spans more than 200,000 sq m across 28 floors and it includes an office tower of more than 34,000 sq m.
G-Square City Retail Complex in southern Seoul spans more than 200,000 sq m across 28 floors and it includes an office tower of more than 34,000 sq m.PHOTO: G-SQUARE

Singapore investment firm GIC has invested US$136 million (S$192.3 million) to acquire an interest in South Korean retail mall G-Square City Retail Complex.

The decision was in line with GIC's strategy of "acquiring stable, income-generating assets", GIC Real Estate chief investment officer Lee Kok Sun said.

"As a long-term investor, we remain confident in the continued growth of the Korean economy and its retail sector," he said in a statement released yesterday.

Completed in 2012, G-Square is located in the centre of Anyang city, a metropolitan area of southern Seoul. It spans more than 200,000 sq m across 28 floors, while the complex also includes an office tower of more than 34,000 sq m.

The mall is operated by Lotte Shopping and will be managed by IGIS Asset Management, one of the country's largest real estate management companies, the GIC statement added.

GIC has over US$100 billion in assets under management. It has investments in over 40 countries and has been investing in emerging markets for more than two decades.

A version of this article appeared in the print edition of The Straits Times on November 15, 2016, with the headline 'GIC invests $192m in Seoul retail mall G-Square'. Print Edition | Subscribe