GIC is investing £48.5m (€57.2m) in a UK leisure property asset owned by Hammerson.
The Singaporean sovereign wealth fund, which has worked in joint ventures with Hammerson since 2007, is taking a 50% stake in the Watermark scheme in Southampton.
The 17,000sqm leisure and dining development is next to the Westquay shopping centre.
Madeleine Cosgrave, regional head of Europe at GIC Real Estate, said: “As a long-term investor, we focus on ensuring that income streams from our investments are stable and resilient.
“To remain competitive in an age of e-commerce, retail destinations need to offer attractive consumer leisure experiences to boost footfall and customer retention.
“Watermark’s diverse tenant mix and offerings will provide these experiences and enable Westquay, already a prime regional mall, to continue generating good returns over the long term.”
When fully leased, the scheme, which is 95% let, will provide stabilised annual income of £5.5m.
The asset also includes a cinema, which will open next month.
David Atkins, chief executive at Hammerson, said: “GIC is one of our key joint venture partners, and we are pleased to take forward this relationship.”
Hammerson will receive a fee from the JV for the ongoing asset management of the combined centre.