GIC acquires Grade-A office developments in Beijing for RMB8 bil

/ EdgeProp Singapore
February 14, 2020 4:43 PM SGT
SINGAPORE (EDGEPROP) - Singapore’s sovereign wealth fund GIC has acquired two Grade-A office buildings and a retail podium from South Korean conglomerate LG Group for RMB8 billion ($1.59 billion). They are high-quality integrated developments with a total gross floor area of 1.51 million sq ft, and have a well-diversified tenant mix.
The acquisition comprises an integrated development with two Grade-A office buildings and a retail podium. (Picture: GIC)
The properties are located in China and are in Beijing’s Guomao Central Business District. It is located along Chang’an Avenue, a key artery road in Beijing, and has direct access to Yong’an’li subway station.
According to Lee Kok Sun, chief investment officer at GIC Real Estate, “GIC has been investing in China for more than two decades. China remains a key focus for us, and this investment reflects our continued commitment to identifying attractive opportunities in this market”.
The developments will benefit from strong office demand in central Beijing, and generate resilient returns over the long term, says Lee.
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