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Sign in Sign up for a FREE subscriptionGIC buys Paris office for €500m
Singapore-based global institutional investor GIC has acquired a prime 40-story office tower in Paris from international fund AEW.
The purchase price was not disclosed; however, it is estimated to be more than €500 million ($557 million).
The class A office tower is PB6, totaling 60,000 square meters (646,000 square feet). It is fully leased to Electricite de France (EDF), France’s main electricity company. It is the tallest skyscraper in the La Defense business district in Paris. Located in the heart of the La Defense business district in Paris, it offers direct access to multiple amenities and a multi-modal public transport hub.
The acquisition is part of GIC’s strategy of acquiring and adding value to quality assets in gateway cities. GIC also owns Tour Ariane, a 40-story office tower in the same district, which it acquired in 2018 for €481.7 million ($537.1 million).
At midyear 2019, the French investment market posted volume of €12.1 billi
