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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.