Singapore may not be a country that comes to mind when one thinks of foreign investors in the U.S. real estate market. However, Macerich Co., a California-based REIT, “agreed to sell minority stakes in eight U.S. malls for $2.3 billion to Singapore’s GIC Pte and property investor Heitman LLC” (Yu). This acquisition by GIC will allow Macerich to pay a special dividend to its investors, repurchase some of its shares, and pay down their debt. Singapore’s GIC will own a minority stake in five of the eight malls, in U.S. locations such as Arizona, California, Oregon, and Texas. Lee Kok Sun, regional head for the Americas at GIC Real Estate, stated, “as a long-term value investor, we look forward to partnering with Macerich, one of the premier owners and operators of shopping centers in the U.S.,” possibly signaling Singapore’s intent to invest more heavily in the U.S. real estate market (Yu).