GIC buys UK mall stake

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Singapore: Singapore sovereign wealth fund GIC will pay close to $60 million for a 50 percent stake in a leisure and dining development in Britain, a joint statement said on Friday.

GIC, one of the world´s top 10 state investment funds, will pay British property firm Hammerson £48.5 million ($59.6 million) for a larger stake in the newly opened Watermark development in Southampton, the statement said.

GIC already has a stake in the newly-opened lifestyle complex -- which is expected to bring in £5.5 million ($6.7 million) yearly -- through a joint venture with Hammerson, and the partnership is to be extended.

"As a long-term investor, we focus on ensuring that income streams from our investments are stable and resilient," said Madeleine Cosgrave, regional head of GIC Real Estate in Europe.

Hammerson chief executive David Atkins said the development was the largest of its kind in Britain.

GIC has made several forays into Europe this year -- in September, it acquired a 7,150-bed student accommodation in what was described as Britain´s largest student accommodation deal this year.