Singapore’s GIC to buy Tour Ariane office tower in Paris from Unibail

Singapore’s GIC is buying a 40-storey office tower in Paris from Unibail-Rodamco-Westfield from €465m.

The sovereign wealth fund said it has agreed to acquire Tour Ariane in the La Défense business district in Paris.

GIC said, the asset which offers gross lettable area of 64,500sqm, presents multiple value creation opportunities over the long term, which the company expects to capture by investing to enhance the asset.

The asset will be managed by Baumont Real Estate Capital.

The transaction is subject to standard conditions precedent and is expected to close in the fourth quarter of the year.

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