GIC snaps up a Korean shopping mall

It invested $192.4m in the 28-floor retail complex.

Singapore's state-owned investment firm GIC invested $192.4m (USD 136m) in G-Square City Retail Complex in Seoul Korea.

Tha complex, which was completed in 2012, spans 238,248 sqm across 8 floors. The building is well-situated in a prime location in the centre of Anyang City, a metropolitan area of Southern Seoul. It has a direct access to a subway line.

"A 34,681 sqm office tower is also part of the complex, and is one of the preferred office buildings within the Anyang city district given its landmark status and building quality," GIC said.

The said mall is operated by Lotte Shopping Co. With the aquisition, it will be managed by IGIS Asset Management, one of the country’s largest real estate management companies with a good track record of managing retail assets.

GIC Real Estate Chief Investment Officer Lee Kok Sun said G-Square is in line with the group's strategy of acquiring income-generating assets.

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