Vicinity Centres and Singapore’s GIC in $1.1bn Sydney retail asset swap

By Addie Thomes

Retail property firm Vicinity Centres has agreed to swap stakes in prime Sydney retail real estate with GIC, Singapore’s sovereign wealth investment fund.

Vicinity will exchange a 49% stake in its Chatswood Chase Sydney worth AU$562.3mn, for a 50% stake in GIC’s Queen Victoria Building, The Galeries and The Strand Arcade, worth AU$556mn.

The Australian company will now be responsible for the operation of both sets of assets, expanding its footprint in the Sydney retail space.

Angus McNaughton, CEO and Managing Director at Vicinity, said: “This transaction is strategically significant for Vicinity. We gain exposure to, and the management rights of, three high quality and strongly performing CBD centres in Sydney, Australia’s most populous and most visited CBD. This transaction also expands our strong relationship with GIC.”


The Sydney CBD Centres are prime assets in GIC’s Ipoh portfolio since 2003. Under Ipoh’s property management, GIC has completed several significant asset enhancements including refurbishments, re-developments and tenant re-leasing projects.

Chatswood Chase Sydney is a premium, high-performing Major Regional shopping centre situated in one of Australia’s most affluent catchments on Sydney’s North Shore, with more than 11mn consumer visits annually.

This transaction is expected to conclude in early 2018, subject to approvals by Sydney City Council, RailCorp and the Foreign Investment Review Board.


Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia


Huawei smartwatch goes for gold with Ultimate Edition


How IKEA India plans to double business, triple headcount

Corporate Finance