Singapore’s sovereign wealth fund company, Government of Singapore Investment Corporation (GIC) Private Limited, announced today (Oct 1) that they have spent an undisclosed amount buying 40% from five American shopping centres worth US$5.4 billion (S$7.72 billion).
The five properties are: Washington Square in Portland, Oregon, Los Cerritos Centre in Cerritos, California, Arrowhead Towne Centre in Glendale, Arizona, Lakewood Centre in Lakewood, California and South Plains Mall in Lubbock, Texas.
GIC’s joint-venture partner, US-based Macerich Company, said that they have joined GIC and a real estate investment firm Heitman LLC to buy 8 properties of which 5 would go to GIC. The purchase are expected to be made by the first quarter of 2016.
The Chairman of GIC is Prime Minister Lee Hsien Loong, who took over the position from his father, Singapore’s longest serving Prime Minister Lee Kuan Yew. His wife is the CEO of Singapore’s other sovereign wealth fund company, Temasek Holdings. Despite going into their sixties, the couple did not reveal if they are going to hand over their positions.