Singapore’s GIC to acquire Paris office tower for $537.7m

Photo: Reuters

Singapore’s sovereign wealth fund GIC has agreed to acquire Tour Ariane, a 40-storey office tower, in Paris for $537.71 million (€465 million), according to an official statement. The transaction is expected to close in the fourth quarter of 2018.

Tour Ariane is located in the heart of the La Défense business district in Paris and has a gross lettable area of 64,500 sqm. The property was acquired from Unibail-Rodamco-Westfield, a European commercial real estate company.

According to the statement, GIC plans to enhance the asset which it believes will present value creation opportunities in the long term. The property is expected to benefit from the Grand Paris project, which will reduce connection times to major airports and train stations.

GIC is one of the biggest overseas private equity (PE) investors in Europe today. This week, it picked up a significant minority stake in Denmark-based regional aircraft leasing firm Nordic Aviation Capital (NAC).

According to a PitchBook report, GIC invested $14.13 billion in Europe in Q2 2018, emerging as the largest foreign PE investor during that period. The sovereign wealth fund topped other PE giants including KKR & Co, Bain Capital and Macquarie.

Some of GIC’s investments in that quarter included Helsinki-based healthcare firm Mehilainen, London-based property search platform ZPG, and France-based hotel operator AccorInvest.

Singaporean companies have been stepping up their overseas acquisitions recently. According to data compiled by Bloomberg, companies in the city-state announced $91 billion of overseas deals in 2018 through September. This is more than double the $41.9 billion of transactions from the previous year.

Government-linked investors such as GIC and Temasek have been at the forefront of this buying activity in a push to seek growth opportunities and widen their profile.

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.