SINGAPORE (Oct 18): Singapore sovereign wealth fund GIC announced Friday it has acquired PB6, a Grade A office tower in Paris.
However, the global investment firm, which has over US$100 billion in assets under management, did not disclose the purchase price of the transaction.
Located in the heart of the La Défense business district in Paris, PB6 is an iconic 40-storey asset with 60,000 sqm of prime office space.
GIC says the asset presents attractive value creation opportunities, which it expects to capture by investing to enhance the asset and service offering.
The sovereign wealth fund adds that this is in line with its strategy as a long-term investor to acquire and add value to quality assets in gateway cities.
The asset will be managed by BauMont Real Estate Capital.
