SINGAPORE (Nov 7): Singapore sovereign wealth fund GIC has reportedly acquired a 50% stake in an office building in Lize Financial Business District (LFBD), an emerging central business district in Beijing, for an undisclosed sum.
The 42-storey Grade A building is situated in a prime location in terms of visibility and accessibility, says GIC in a media release on Thursday.
GIC notes that the building is the tallest in the district, and is directly connected to an interchange station for key public transport lines.
Following the acquisition, the building will be wholly owned by GIC.
GIC says that the accessibility and attractiveness of the building to potential tenants will be further enhanced by upcoming infrastructure developments in the district.
The sovereign wealth fund added that the investment reflects its continued confidence in China, and its commitment to acquiring quality assets with good long-term earning potential in the market.
