CPPIB, GIC acquire South Korean retail mall

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Singapore’s sovereign wealth fund GIC has teamed up with Canada Pension Plan Investment Board to acquire South Korea’s D-Cube Retail Mall.

The joint venture purchased the mall from Daesung Industries in a $263m deal.

Following the transaction, GIC and CPPIB will each own a 50 per cent stake and the mall will be rebranded as Hyundai Department store and will be operated by Hyundai.

Jimmy Phua, CPPIB managing director, head of real estate investments Asia said, “We are excited about the opportunity to make our first retail investment in South Korea through this joint venture with GIC.

“The D-Cube Retail Mall is a prime retail asset located in a growing and affluent area, and through this investment, we are pleased to gain exposure to one of the largest retail markets in Asia, working alongside experienced and aligned partners.”

Ealerir this month, CPPIB teamed up with GIC to lead a group of major institutional investors to buy a 33 per cent stake in the merger of telecoms companies Three and O2.

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