Singapore’s GIC acquires LG Twin Towers in Beijing for $1.15b

Singapore’s sovereign wealth fund GIC has acquired Beijing’s LG Twin Towers from South Korean conglomerate LG Group for over 8 billion yuan ($1.15 billion).

Located in the Guomao central business district in Beijing, the asset is an integrated development that comprises two Grade-A office towers and a retail podium, GIC announced in a statement on Wednesday.

The development has a total gross floor area (GFA) of 140,680 square metres and a diversified tenant mix. It is located along Chang’an Avenue, a key arterial road in the capital city, and offers direct access to Yong’anli subway station.

“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 GIC Real Estate chief investment officer Lee Kok Sun, in the statement.

GIC, which owns over $100 billion in assets under management (AUM), has been investing in China for more than two decades.

Established in 1981, Singapore-based GIC invests across a wide range of asset classes such as real estate, private equity, equities and fixed income. The company has investments in over 40 countries.

It claimed an annualised rate of return of 3.4 per cent above global inflation over the 20-year period ended March 31, 2019.

The company employs over 1,500 people across 10 offices in key financial cities worldwide.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.