GIC in reported bid for British mall

The Government of Singapore Investment Corp (GIC) and a Canadian pension fund could reportedly make a bid for Bluewater, a British mall.

The Sunday Telegraph reported that GIC, the Canada Pension Plan Investment Board and the property arm of Ontario Municipal Employees Retirement System were all expected to table a bid within the next two weeks.

The stake is estimated to be worth 120 million pounds, the UK newspaper said.

Bluewater is located in southeast England.

The 7.5 per cent stake in Bluewater was put up for sale last month by Hermes Real Estate, which owns the stake on behalf of the BT pension fund.

According to the same media report, however, the stake sale could be reconsidered because the new CEO of Hermes’ property arm “rates Bluewater highly”.

GIC already owns a 17.5 per cent stake in Bluewater.

Source : Channel NewsAsia – 8 Nov 2010

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