The GIC Real Estate Ptc Ltd. contributed $717.5 million, in line with the book value of the property as of December 31st, and Westfield has rolled its remaining 50% interest in the property into the new fund.

"This joint venture allows us to partner with one of the largest retail property groups in the world," says GIC RE president Seek Ngee Huat in announcing the agreement yesterday. "With the consistent showing by Australia's retail property sector, we are confident that our investment in Westfield Parramatta will enhance the performance of our global portfolio."

Other shopping centers invested in by GIC RE include the Queen Victoria Building in Australia, Roma Est in Rome and Sunway Pyramid Mall in Malaysia. GIC RE hopes to pursue future retail projects globally, says Huat, and will seek to join Westfield in more Australian deals.