GIC Takes Stake In Mexico Mall Developer

Source : The Business Times, August 6, 2008

The Government of Singapore Investment Corp's (GIC) real estate arm said on Wednesday it has taken a stake in a property fund that will invest in malls across Mexico.

GIC Real Estate declined to give details of the size of its investment in Mexico Retail Properties (MRP), which currently owns 14 retail centres in the Latin American country and has another 26 projects in the pipeline.

'The anchor space in the majority of MRP's centres is leased to Wal-Mart,' MRP, an affiliate of US private equity firm Black Creek Group, said in a statement on Tuesday.

GIC has more than 200 property investments globally. In 2005, it formed a US$700 million joint venture with US-based AMB Property Corp to invest in industrial distribution properties in Mexico. -- REUTERS