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Westfield Selling Off The Real Estate To Foreign Investors

“Westfield group, (REIT), Australian developer, and shopping centre manager, has sold Westfield Parramatta to a joint venture 50% owned by GIC, the Government of Singapores global real estate fund, for $1.4 billion. Westfield has been appointed as leasing and property manager of the centre. Other shopping centres invested in by GIC include the Queen Victoria Building in Australia, Roma Est in Rome and Sunway Pyramid Mall in Malaysia. GIC RE hopes to pursue future retail projects with Westfield in more Australian deals. Westfield Parramatta is a five-level shopping centre housing 500 specialty stores, as well as larger retailers as David Jones, Kmart, Target, Woolworths, and Greater Union Cinemas. The Westfield group employs more than 4,000 staff and has interests in 121 shopping centres in four different countries with a total value in excess of A$60 billion.”

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