Singapore’s GIC has paid RMB8bn (€1.1bn) to buy Beijing’s LG Twin Towers from South Korean conglomerate LG Group.

The sovereign wealth fund said the asset, located in Beijing’s Guomao central business district, comprises two office towers and a retail podium, with a total gross floor area of 140,680msq and a well-diversified tenant mix.

Lee Kok Sun, CIO, GIC Real Estate, said: “GIC has been investing in China for more than two decades. China remains a key focus for us, and this investment reflects our continued commitment to identifying attractive opportunities in this market.

“We expect this landmark development to benefit from the strong demand for offices in central Beijing and generate resilient returns over the long term.”

Established in 1981 to manage Singapore’s foreign reserves, GIC is a global long-term investor with well over US$100bn (€92bn) in assets in over 40 countries worldwide.

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