Singapore’s sovereign wealth fund has become the sole owner of the tallest office building in Beijing’s Lize financial business district.
GIC said it has acquired a 50% stake in the 42-storey asset office building in the emerging central business district.
Vendor and financial details were undisclosed.
The building is situated along Lize Road, a major thoroughfare, and is also directly connected to an interchange station for key public transport lines.
Its accessibility and attractiveness to potential tenants will be further enhanced by upcoming infrastructure developments in the Lize financial business district, GIC said.
Following this acquisition, the building will be wholly owned by GIC.
GIC said this investment reflects sovereign wealth fund’s continued confidence in China, and commitment to acquiring quality assets with good long-term earning potential in this market.