Scentre Group Limited (ASX:SCG) has sold a stake in its NZ shopping centre holdings to the Singaporean sovereign wealth fund, GIC, for $930 million.
The manager and developer of commercial property says it will retain a 51% interest in each of the five NZ shopping centres and says the sale represents a 4 per cent premium to the book value as at 30 June this year.
CEO Peter Allen says the capital proceeds will be available for redeployment into the development pipeline and the repayment of debt.
Mr Allen says the company’s partnership with GIC spans over seven years and also includes joint ownership of Westfield Parramatta and Whitford City.
Scentre Group reported a net profit of $5.3 billion in the first half of the 2015 calendar year.
