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.