Singapore’s sovereign wealth fund, GIC Real Estate Pte Ltd, has acquired GG-Square, a Seoul-based retail complex, for $136 million.
The complex was completed in 2014 and is spread over an area of 238,248.43 square meters. It has 28 stories and is located in the heart of Anyang, a bustling metropolitan area in the southern part of Seoul. The complex is strategically located as it offers direct access to the city’s subway. Besides retail outlets, G-Square also has offices, spread over an area of 34,681 square meters.
The complex is operated by one of the largest retail operators in South Korea, Lotte Shopping Co. However, after acquisition, it will be managed by IGIS Asset Management, a leading real estate management company in South Korea.
GIC has been showing interest in the real estate, of late. Earlier in 2016, the sovereign wealth fund entered into an agreement with Shingsegae Inc., a South Korea-based department store franchise, to develop a retail mall based in Songdo.