GIC announces joint US$1.05b investment in Washington DC offices

[SINGAPORE] Singapore's sovereign wealth fund GIC said on Thursday it has formed joint ventures with investors to buy over 2.1 million sq feet (195,000 sq m) of office assets in the Washington DC metropolitan area, in an investment of more than US$1.05 billion.

Investors include affiliates of real estate developer Beacon Capital Partners, GIC said in a statement.

One of the joint ventures includes the purchase of Lafayette Centre, a 789,000 sq feet complex of three multi-tenant buildings located in the Central Business District submarket.

Another is Pentagon Centre, a 912,000 sq feet complex of two buildings fully-leased for the long term to the US General Services Administration located near the Pentagon and Reagan National Airport.

GIC, an established global real estate investor, has more than 350 property-related investments in over 40 countries.

These include investments in the Time Warner Centre in New York and assets in the United Kingdom, Japan and Australia.

REUTERS