GIC divests 50% of Westfield Whitford City to JY Group for A$195m

The acquisition marks JY Group's first joint venture with Scentre Group.

GIC has sold its 50% stake in Westfield Whitford City for A$195 million (US$171.9 million) to Hong Kong-based JY Group.

The acquisition marks JY Group's first joint venture with Scentre Group, Australia's largest shopping centre operator.

The purchase also increases JY Group’s total assets under management to A$2.5 billion (US$2.2 billion).

Westfield Whitford City, which underwent an A$80 million (US$70.5 million) redevelopment in 2017, houses retailers such as Coles, Woolworths, ALDI, Kmart, and Big W.

Lander & Rogers advised JY Group in the transaction.