<article>Singapore sovereign wealth fund <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/gic-restructuring-thomas-hlee-115056/" target="_blank" rel="noopener">GIC</a> has reportedly struck a deal to make a $450-million acquisition for Taiwan&#8217;s Taimall Shopping Center in Taoyuan City.</article>

Singapore sovereign wealth fund <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/gic-restructuring-thomas-hlee-115056/" target="_blank" rel="noopener">GIC</a> has reportedly struck a deal to make a $450-million acquisition for Taiwan&#8217;s Taimall Shopping Center in Taoyuan City.
The transaction is set to double the asset&#8217;s price tag when compared to the price GIC paid for it a decade ago, a media report said.
The acquisition, on behalf of GIC, was done by Hong Kong-based private equity real estate firm ARCH Capital Management&#8217;s arm ARCH Capital Property Advisors, a PEI report said.
In an announcement last week, ARCH Capital had said that it acquired the shopping mall at &#8220;about NT$13.8 billion ($450 million) on behalf of an unidentified institutional investor, who partnered with Taiwanese investment trust Millerful REIT No. 1 on the deal.&#8221;
The firm thus gave rise to speculation that the unidentified institutional investor may have been GIC. Further, GIC had invested in the shopping mall ten years ago in a $206-million splash. At the time, the deal was among the largest by a foreign investor in Taiwan&#8217;s commercial property.
Announcing the deal, Arch Capital Property’s managing director James Chou said that his company saw in the deal &#8216;a rare opportunity to acquire an established premium retail asset offering stable income and sustained revenue growth potential over the longer term.&#8217;
The Hong Kong company acted as the investment advisor for the &#8216;institutional investor on the deal and will now be in charge of the management and performance of the mall&#8217;, it added.
Meanwhile, the second partner along with GIC, Millerful, is listed on the Taiwan Stock Exchange and has a portfolio largely focused on the country&#8217;s commercial sector. The REIT also has plans to buy more malls, office buildings and hotels on the island.
Taimall, the largest shopping centre in the Taoyuan area, has a total gross floor area of around 100,000 square metres (1.76 million square feet) and has more than 300 retail tenants. The mall also has a theatre, an entertainment centre and a small sports complex.
Founded in 2006, ARCH Capital focuses on opportunistic to core/core-plus real estate investment opportunities in Greater China and Southeast Asia across the residential, mixed-use, and commercial asset classes.
Meanwhile, GIC manages Singapore’s foreign reserves and sees itself as a global long-term investor with well over $100 billion in assets in over 40 countries worldwide.
The sovereign wealth fund has been making purchases in the realty space in the region and even globally
Earlier this month, GIC announced that it will acquire two blocks in the Hwaseong Dongtan Logistics Complex in South Korea through a real estate fund for $570 million. The blocks were owned by K-Eco Logis Co., Ltd, a subsidiary of Halla Corp and the developer of the assets.
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The acquisition was reportedly carried out by Hong Kong-based PE real estate firm ARCH Capital Management's arm ARCH Capital Property Advisors on GIC's behalf.

GIC said to snap up Taiwan shopping mall in $450m deal

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GIC said to snap up Taiwan shopping mall in $450m deal

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