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Sign in Sign up for a FREE subscriptionSingapore’s GIC to buy Paris office tower for €465m
Singapore sovereign wealth fund GIC has agreed to pay about €465 million ($538 million) for a 40-story office tower in Paris.
The seller was Unibail-Rodamco-Westfield.
The 64,500-square-meter (694,272-square-foot) Tour Ariane is located in the business district of La Défense.
The purchase is subject to regulatory approval and expected to close in the fourth quarter of 2018.
The property will be managed by Baumont Real Estate Capital.
Recently, French REIT/SIIC Cegereal, controlled by U.S. firm Northwood Investors and GIC, paid €218 million ($243 million) to buy Passy Kennedy, a 23,615-square-meter (254,190-square-foot) office in the 16th arrondissement of Paris.
Prospects for the French economy and the office sector have improved and both occupiers and investors demand are expected to strengthen further in 2018, according to Cushman & Wakefield. The second quar
