Scentre Group, which recently spun out of Westfield, has sold a NZ$2.1 (£1bn) stake in five New Zealand shopping centres to Singapore sovereign wealth fund GIC.
The deal gives GIC a 49% stake in the centres which will continue to be managed by Scentre.
Deals include malls in Albany, Manukau, Newmarket, Riccarton and Westfield St Lukes.
GIC’s purchase is subject to obtaining approval from the Overseas Investment Office, New Zealand.
