GIC has invested $136m (€125.2m) in a South Korean retail property asset.

The Singaporean sovereign wealth fund is investing in the G-Square City Retail Complex in Seoul.

Completed in 2012, the asset spans 238,248sqm across 28 floors in the centre of Anyang city, a metropolitan area of southern Seoul, with direct access to a subway line.

Lee Kok Sun, CIO at GIC Real Estate, said: “G-Square, being a dominant and well-located retail mall, is in line with our strategy of acquiring stable, income-generating assets.

“As a long-term investor, we remain confident in the continued growth of the Korean economy and its retail sector.” 

A 34,681sqm office tower is also part of the complex.

The mall is operated by Lotte Shopping, which has department stores across South Korea.

It will be managed by IGIS Asset Management, one of the country’s largest real estate management companies.

GIC has been investing in South Korea since 2006, when it purchased the Seoul Financial Centre for $400m.

The GIC is partnering South Korea’s ADF AM to develop the Dongtan logistics complex in Gyeonggi Province over the next three years.

The project will cost KRW800bn (€603m).