GIC, Canada’s CPPIB in JV to acquire Seoul mall for $263m

Visual from the company website

Singapore’s sovereign wealth fund GIC and Canada Pension Plan Investment Board (CPPIB) have formed a joint venture acquire the D-Cube Retail Mall in Seoul, South Korea for $263 million.

The duo will buy this mall from Daesung Industries and post the deal, GIC and CPPIB will each own a 50 per cent of this asset, the companies said in a joint statement.

Completed in 2011, D-Cube is an income-generating, high-quality retail mall in a prime location. The mall is situated next to Sindorim Station, a major transportation hub connecting Seoul with Incheon and other major metropolitan cities near Seoul, their statement said.

Post the sale, the mall will be rebranded as Hyundai Department store and will be operated by Hyundai, and the latter will reposition the D-Cube Retail Mall to better serve the Korean retail market’s expected steady growth over the long term, the companies added.

Loh Wai Keong, managing director & co-head Asia, GIC Real Estate Pte Ltd, said, “Our investment in the D-Cube Retail Mall reflects our confidence in the long-term growth of Korean domestic demand and is consistent with our strategy of acquiring high-quality, centrally-located assets with upside potential. As a long-term value investor, our interests are aligned with CPPIB and we look forward to partnering them in this acquisition.”

“We are excited about the opportunity to make our first retail investment in South Korea through this joint venture with GIC,” said Jimmy Phua, Managing Director, Head of Real Estate Investments Asia, CPPIB.

 

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.