Singapore's GIC is partnering a group of investors to buy $1.3 billion worth of Manhattan office space from Time Warner, as the sovereign wealth fund steps up its purchases of real estate where it sees increasing value.
GIC, which has signalled its investments are driven by opportunity rather than geography, has been buying up real estate in developed markets as property prices recover from lows hit during the 2008-9 financial crisis.
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Just three weeks ago, GIC partnered British Land to buy London office and retail space from U.S. private equity firm Blackstone Group for around 1.7 billion pounds ($2.78 billion).
In its latest deal, GIC, together with a venture of the Abu Dhabi Investment Authority (ADIA) as well as U.S. real estate firm Related Companies, will buy 1.1 million square feet of office space in the Time Warner Center at Columbus Circle.