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GIC buys 50% stake in grade A Beijing office building from China state-owned enterprise
SINGAPORE sovereign wealth fund GIC has bought a 50 per cent stake in a Beijing office building from Beijing Capital Land for an undisclosed sum, making it the sole owner post-acquisition.
Hong Kong-listed Beijing Capital Land is the flagship firm of Chinese state-owned enterprise Beijing Capital Group's real estate business.
The grade A 42-storey building is located in the centre of the Lize Financial Business District, and is the district's tallest building.
The site's area is 26,352 square metres (sq m) and the property has a gross floor area of 38,612 sq m.
It stands along Lize Road, a major road within the emerging central business district, said GIC.
The office building is directly connected to an interchange station for key public transport lines, and upcoming infrastructure development in the business district will enhance its accessibility.
"This investment reflects GIC’s continued confidence in China, and commitment to acquiring quality assets with good long-term earning potential in this market," said GIC.
The Chinese building acquisition comes after GIC on Tuesday said it had entered into a joint venture with Australia-listed property group Charter Hall to acquire an A-grade office building in Sydney for an undisclosed sum.
GIC currently has "well over" US$100 billion in assets under management.