GIC sells 50% stake in Perth shopping mall for A$195 million

SINGAPORE: Singapore’s sovereign wealth fund GIC has divested its 50% stake in Westfield Whitford City, a major shopping centre in Perth, Western Australia.

The deal, valued at A$195 million (approximately S$172.2 million), transfers the ownership to Hong Kong-based JY Group.

This acquisition marks a key milestone for JY Group as it forms its first joint venture with Scentre Group, Australia’s largest shopping centre operator. Scentre Group retains the remaining 50% stake in the retail complex.

The partnership signals a strategic move for JY Group, expanding its footprint in the Australian retail property market. With the acquisition, JY Group’s total assets under management now surpass A$2.5 billion (S$2.2 billion).

Westfield Whitford City, which underwent a major A$80 million (S$70.6 million) redevelopment in 2017, is home to popular retailers such as Coles, Woolworths, ALDI, Kmart, and Big W, further increasing its appeal as a premier shopping destination in the region.

Lander & Rogers, an Australian law firm, acted as legal advisors to JY Group in the transaction, ensuring a smooth transfer of ownership.

The sale highlights ongoing international interest in Australian commercial properties, with JY Group positioning itself as a growing player in the sector.