Westfield sells half of Australia site to GIC

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.