RPT will contribute five properties, valued at US$244 million ($331.8 million), to the JV named RPT-GIC Venture (RGV).
The five properties are located in Florida, Minnesota and Missouri.
In return, RPT received US$118.3 million in gross proceeds from GIC, which acquired a 48.5% stake in the JV.
As part of the deal, GIC has committed up to $200 million of additional capital to RGV over the next three years to fund its share of potential future acquisitions of grocery-anchored shopping centres in the US.
As 51.5% JV partner, RPT will receive property management, construction management and leasing fees from RGV.
In addition, RPT will be responsible for the day-to-day management of the properties as well as sourcing future acquisitions for the joint venture.
