Singapore鈥檚 GIC has paid RMB8bn (鈧�1.1bn) to buy Beijing鈥檚 LG Twin Towers from South Korean conglomerate LG Group.
The sovereign wealth fund said the asset, located in Beijing鈥檚 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: 鈥淕IC 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.
鈥淲e expect this landmark development to benefit from the strong demand for offices in central Beijing and generate resilient returns over the long term.鈥�
Established in 1981 to manage Singapore鈥檚 foreign reserves, GIC is a global long-term investor with well over US$100bn (鈧�92bn) in assets in over 40 countries worldwide.
