Singapore's GIC buys Paris office for reported €500m

Singapore-based global institutional investor GIC has acquired a prime 40-storey office tower in Paris from international fund AEW.

Financial details were not disclosed, but the asset was priced in the €500 mln range, according to reports from PropertyEU’s sister title, EuroProperty.

Also vying for the building was South Korean investor, Kiwoom Asset Management.

Located in Place de la Défense in the French capital, PB6 comprises 56,000 m2 of office space. GIC said it would invest in upgrading the property.

‘The asset presents attractive value creation opportunities, which GIC expects to capture by investing to enhance the asset and service offering,’ said the company in a statement.

‘This is in line with GIC’s strategy, as a long-term investor, to acquire and add value to quality assets in gateway cities.’

The property will be managed by BauMont Real Estate Capital.

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