Westfield sells half of Australia site to GIC
SYDNEY, April 30 (sg.yahoo.com)- Shopping centre developer Westfield Group said on Monday it has sold a half share in its Westfield Parramatta centre in western Sydney to Singapore's GIC Real Estate.
Westfield said GIC has paid A$717.5 million ($593 million) for the 50 percent stake, in line with book value at Dec. 31, 2006.
Westfield would be the property, leasing and development manager of the five-level site, one of the largest shopping centres in Australia.
GIC is the real estate arm of the Government of Singapore Investment Corporation.
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