Singapore-based GIC, a global investment firm with well over US$100 billion in assets under management, has acquired a Grade A office tower, PB6, in Paris. The purchase price was not disclosed. According to the some media reports in France, GIC paid €530 million for the building.
PB6 is an iconic 40-storey asset with 60,000m2 of prime office space, and is fully leased to EDF. The Grade A office tower is located in the heart of the La Défense business district in Paris.
”The asset presents attractive value creation opportunities, which GIC expects to capture by investing to enhance the asset and service offering.This is in line with GIC’s strategy, as a long-term investor, to acquire and add value to quality assets in gateway cities,” said the company in a statement.
The asset will be managed by BauMont Real Estate Capital.