GIC buys LG Twin Towers in Beijing for more than 8b yuan
SINGAPORE'S sovereign wealth fund GIC has acquired LG Twin Towers from South Korean conglomerate LG Group for over 8 billion yuan (S$1.59 billion).
Located in the Guomao central business district in Beijing, China, the integrated development comprises two Grade-A office towers and a retail podium, GIC said in a media statement on Wednesday.
The development has a total gross floor area of 140,680 square metres and a well-diversified tenant mix.
It is situated along Changan Avenue, a key artery road in Beijing, and offers direct access to the Yonganli subway station.
Noting that GIC has been investing in China for more than two decades, Lee Kok Sun, chief investment officer of GIC Real Estate, said: "China remains a key focus for us, and this investment reflects our continued commitment to identifying attractive opportunities in this market."
He added that GIC expects LG Twin Towers to benefit from the strong demand for offices in central Beijing and to generate resilient returns over the long term.
GIC is a global investment firm with well over US$100 billion in assets under management.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit