Wednesday, August 6, 2008

GIC Buys Minority Stake In Mexican Mall Developer

Source : The Straits Times, Aug 6, 2008

THE real estate arm of the Government of Singapore Investment Corporation (GIC) said on Wednesday it has bought a minority stake in a leading shopping mall developer in Mexico.

GIC Real Estate confirmed the 'capital infusion' into Mexico Retail Properties (MRP) but would not say how much.

MRP owns 14 retail centres in Mexico, with five more projects under development and 21 others in the pipeline.

MRP, an affiliate of US private equity firm Black Creek Group, said in a statement that American retail giant Wal-Mart is the anchor tenant in majority of its centres.

'With a growing economy, emerging middle class and a scarcity of US-style retail centres, Mexico represents a compelling retail investment opportunity,' said GIC Real Estate president Seek Ngee Huat.

GIC is one of two investment vehicles of the Singapore government and manages the country's foreign reserves of more than 100 billion dollars (S$137 billion) through various investments.

Its property arm, which currently ranks among the world's top 10 real estate investment firms, has made over 200 investments in more than 30 countries. -- AFP

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