Singapore’s sovereign wealth fund GIC has acquired LG Twin Towers in Beijing from South Korean conglomerate LG Group for over RMB 8 billion($1.15 billion).
Located in Beijing’s Guomao Central Business District, the asset is a high-quality integrated development that comprises two Grade-A office towers and a retail podium, with a total GFA of 140,680 m2 and a well-diversified tenant mix.
LG Twin Towers are prominently located along Chang’an Avenue, a key artery road in Beijing, and offers direct access to Yong’an’li subway station.
“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,” said Lee Kok Sun, Chief Investment Officer, GIC Real Estate.
GIC, a global investment firm with over US$100 billion in assets under management, has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,500 people across 10 offices in key financial cities worldwide.