Singaporean sovereign fund GIC is the latest institutional investor to head for a retail exit as it looks to offload its stake in one of Australia's best-known shopping destinations: the Myer Melbourne store in the heart of the Bourke Street mall.

GIC is a one-third owner in the retail landmark, alongside ASX-listed malls owner Vicinity and Nuveen, another global investment house. The entire building was last valued at $492 million on a 4.75 per cent cap rate in Vicinity's books.