SINGAPORE: Singapore sovereign wealth fund GIC has acquired the LG Twin Towers in Beijing from South Korean conglomerate LG Group.
The move, which cost RMB8 billion (S$1.59 billion) was announced on Wednesday (Feb 12) by GIC.
The LG Twin Towers are located in Beijing’s Guomao Central Business District, and comprises two office towers and a retail podium, with a total gross floor area of 140,680 sq m.
“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,” said Chief Investment Officer of GIC Real Estate Lee Kok Sun.
“We expect this landmark development to benefit from the strong demand for offices in central Beijing and generate resilient returns over the long term.”