GIC to Fund A$ 750 Million Australian Retail Center JV Managed by SCA Property Group
Posted on 12/03/2021
Shopping Centres Australasia Property Group RE Limited (SCA Property Group) and Singapore’s GIC Private Limited formed a A$ 750 million Australian retail center joint venture. The JV is called the SCA Metro Convenience Shopping Centre Fund. SCA Property Group is seeding the fund with seven assets. GIC would own an 80% equity interest in the joint venture, while the listed SCA Property Group retains the rest. The fund will invest in established metropolitan convenience retail centers across Australia. Expected close date for the establishment of the JV is January 31, 2022.
The value of the 7 seeded assets from SCA Property Group is worth A$ 284.5 million.
SCA Property Group will manage the fund and generate fee income, as well as utilize GIC’s cost of capital to acquire properties.