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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.
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